Scarcity is everywhere

Scarcity is everywhere

Scarcity is the situation where there are limited resources and unlimited wants. Scarcity is everywhere. There is a common misconception that only poor people have to deal with scarcity, but the real concept is that every single person in this world has to face to face the problem of scarcity at some point of their lifetime. Individuals, companies and governments have to deal with scarcity.

Before explaining you this with an example, I would like to tell you the definition of this thing again. Scarcity is the situation where all the wants cannot be met.

Ben has 1000 dollars but he wants two buy 2 laptops which are worth 900 dollars each. This is called scarcity.

Government has $100 million but it wants to open $70 million hospital and $80 million hospital. This is called scarcity.