[This is part of the series: The Complete Guide To Economics 101.]
What is scarcity?
Scarcity in economics is everything.
It is, in fact, the fundamental dilemma in the field of economics.
Scarcity is the lack of something compared how much of it is wanted.
Just like I am not able to give my children everything they want, society and the world at large are not able to give all people everything that they want.
Examples of scarce resources include: Louis Vuitton purses, vacations to St. Barts, and chocolate.
For if I could have all the chocolate I wanted, no questions asked, there would be none left for you.
And if everyone that wanted to go to St. Barts got to go, we would not all fit on the island.
