In Economic jargon, scarcity is not a problem for wealthy individuals. exists because human wants are unlimited while resources needed to satisfy wants are limited. exists when quantity demanded of a good exceeds its quantity supplied. can be overcome by more equal distribution of income. Is also called the Fundamental Economic Problem refers to the uniqueness of "rare" or one-of-a-kind goods such as diamonds or works of art. arises from the Fundamental Economic Assumptions. requires us to chose what we will have and what we forgo having