Question

ECONOMICS: What is scarcity, and how does it affect supply and demand in the game of economics?

Answer 1

late response but scarcity is the concept that resources like food, or clothing, or luxury goods, etc. are limited. high scarcity limits supply and raises demand (assuming the good is actually desirable). for example, most rocks in your garden are not worth very much because they are not scarce, and you could obtain it easily if you wanted to. by contrast, saltwater pearls are worth a lot because they're useful and very scarce.

of course, this isn't the whole picture and there are some exceptions to the rule, but hopefully this gives you an idea