Societies embrace various economic systems to deal with the fundamental problem of scarcity.
Scarcity, as an economic concept, "refers to the fundamental fact of life that human and non-human resources are finite and that the best engineering knowledge can produce only a finite maximum amount of economic benefit.
Scarcity refers to a fundamental economic problem: the gap between finite resources and theoretically infinite needs. In this situation, you need to decide how to use your resources efficiently to meet your basic needs and as many additional needs as possible.
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