Scarcity in economics is the lack of various forms of capital. Scarcity can be used to describe an economic situation in economics, or it can be used to describe more general situations.

In economics, scarcity is the result of people having "Unlimited Wants and Needs," or always wanting something new, and having "Limited Resources." Limited Resources means that there are never enough resources, or materials, to satisfy, or fulfill, the wants and needs that every person have. Scarcity is called the "basic economic problem," meaning that it always exists.