The study of how scarce resources are allocated among competing uses. Something is said to be scarce when, at a zero price, more is wanted than is available. If not, provide some examples.
Scarcity is one of the fundamental aspects of our world, both inside and outside of markets.
Scarcity makes choice unavoidable. Since so many aspects of our world involve choices necessitated by a condition of scarcity, economics is fundamental and ever-present in most everything we do, whether we are aware of it or not. Economic analysis requires a system of value from which we can compare alternatives and so distinguish good from less good allocations. While markets are a prominent way of making allocation choices in the context of scarcity, economics encompasses the study of both market and non-market allocation of scarce resources. As Tom Power observes, economic analysis of the environment is challenging and important precisely because its value is not conveniently revealed in a market, and thus is subject to inappropriate use.