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News about shortages. Commentary and archival information about shortages from The New York Times.

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T

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we all want it. But we all can't have it.

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insufficient amount of supply, infinite amount of demand

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Humans want too much and the world doesnt have enough to sati

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Humans want too much and the world doesn't have enough to satisfy all their wants

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Something limited in supply, but really high in demand.

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I really want it, there isn't enough!

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The basic problem is scarcity. It's when people need something but there is a limited resource

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The basic problem is scarcity. It's when people need something but there is a limited resource

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insufficient to satisfy all human wants and needs.

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We all want it, not all of us can have it.

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Scarcity is the basic economic problem which consists of unlimited wants, and limited resources. For example, a resource like Oil is scarce because it is in limited supply and is predicted to soon run out due to our unlimited needs and wants. In general, Oil is a resource that regenerates with time but the time it takes to regenerate is too large. However, a resource like air is not counted as scarce as oil although it is still predicted to run out.
-Nikita G

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The Basic Economic Problem (BEP) is basically when people’s wants are unlimited but the resources are scarce (limited).

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Welcome.  Can you cleverly describe the Basic Economic Problem? (You can post a picture, cartoon or express yourself in writing!)

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Welcome.  Can you cleverly describe the Basic Economic Problem? (You can post a picture, cartoon or express yourself in writing!)

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When everybody wants something but can't get it