The term "scarce resources" refers to a limited supply or availability of something that is needed or desired. In economics, this typically means goods and services that are not plentiful enough to meet the demand of consumers, resulting in competition for access to them. Scarce resources can include natural resources such as water, minerals, and fossil fuels, as well as human-made resources like technology or skilled labor. The concept of scarce resources is a fundamental principle of economics, driving the concepts of supply and demand, competition, and innovation to meet consumer needs in an efficient manner.