Scarcity is a foundational concept in economics, describing the reality that human and nonhuman resources are finite. Because there is only a limited supply of these resources, it is impossible to produce an infinite amount of every good or to fully satisfy all human wants. This limitation is the primary reason why economic goods exist; if resources were infinite, goods would not be scarce and would lack economic value.
As defined by Léon Walras, social wealth consists of things that are both useful and available only in limited quantities. Scarcity is not merely the lack of commodities in a market but also the individual's inability to acquire them. This condition is essential for the definition of economics, as it forces society to make choices about how to distribute limited assets to meet competing demands.