What Is Scarcity?

Define and identify examples of scarcity.

Part of The student understands the concept of the free enterprise system and how businesses operate in the U.S. free enterprise system

Read the lesson

Intro

What Is Scarcity?

Today you will learn what scarcity is and how to spot it. People want many things, but the world does not have an endless supply. That gap between what people want and what is there is called scarcity.

Sign in to ask the tutor

Reading the lesson is free for everyone. Asking the AI tutor needs a family account.

Why Prices Go Up and Down15 of 47Price, Cost, and Profit