The basic economic condition that exists when unlimited wants exceed limited productive resources is called

The basic economic condition that exists when unlimited wants exceed limited productive resources is called is scarcity

Scarcity is the right answer.

Explanation:

Scarcity is a term used to define the limited availability of a product, which may be demanded by consumers or they have a demand in the market. Scarcity also involves a lack of resources for an individual to buy commodities.

In simple terms, scarcity exists due to the exceeding wants for resources by human beings. However, the basic problem of scarcity is confronted by all people, groups, businesses and administrations.