WAEC - Economics (2024 - No. 1)
There is scarcity when
the means exceed society's wants.
demand for resources is greater than its supply.
productive resources are in excess.
supply of resources is greater than its demand.
Erläuterung
B: Scarcity occurs when the demand is greater than supply you meet some- thing (i.e. demand) but no means to satisfy it (scarcity).