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Scarcity

When we all have unlimited wants but limited resources we cannot produce the goods and services in quantity to meet all that people desire.  This causes scarcity.  Choices have to be made when things are in scarce supply.  Scarcity means that people must decide what is the most important good or service because they cannot afford everything they want.  

This page last updated on 06/25/00.

Dr. Cynthia Sparks is the Supervisor of Social Studies for Chesapeake Public Schools.  She is also an Adjunct Faculty member for the University of Virginia, Troy State University, and Old Dominion University.