In economics, the concept of _____ refers to the fundamental problem of having seemingly unlimited human wants in a world of limited resources.

In economics, the concept of scarcity refers to the basic issue that people have endless desires for goods and services, while there are not enough resources available to satisfy all those wants. This means that every society must make choices about how to use its limited resources effectively. For example, if a country has a certain amount of money and natural resources, it must decide whether to build schools or hospitals, since it cannot afford to do both at the same time. Scarcity forces us to prioritize our needs and wants, leading to trade-offs in our decisions. Understanding scarcity helps us realize why prices exist and why we cannot have everything we want.