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Scarcity is an economic term that describes the problem we face of having unlimited wants, but the limited resources.
Basically, the demand for goods/services are greater than the availability of said goods
.
A popular/relevant example of this is the oil crisis that happened not too long ago.
With a sudden influx of people driving again after the pandemic, oil companies couldn't keep up with the high demand; so this created oil scarcity! :)
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