what is scarcity?

Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It states that society has insufficient productive resources to fulfill all human wants and needs. A common misconception on scarcity is that an item has to be important for it to be scarce, or vice versa. This is not true; for something to be scarce, something must be given up, or traded off, in order to obtain it.

Where resources are insufficient to satisfy all human wants.

morality and decency.

A situation in which needs and wants of an individual or group of individuals exceeds the resources available to satisfy them.
The SIMPLEST as well as PROPER definition you can EVER get.........

the rising opportunity cost of the factors.

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