What do economists mean when they say that the economy faces scarcity?

Question

Quizplus · Accepted Answer

When economists talk about scarcity, they mean that there are not enough resources available to produce all the goods and services that everyone wants. This is why choices have to be made about which goods and services to produce, how much to produce, and for whom to produce them. It is not about there being fewer resources available now than in the past, nor is it about the world running out of resources. It is also not necessarily related to the economy producing below its full capacity, as scarcity can exist even in times of high production.

What Do Economists Mean When They Say That the Economy