Scarcity is defined as

a. the unlimited availability of goods and services.

b. the imbalance between rational choice and irrational choice.

c. the imbalance between what is wanted and what is freely available.

d. None of the above

Scarcity can be defined as the imbalance between what is wanted and what is freely available. - C

If I want a hamburger but there is only one hamburger store in the whole city, this means it is very scarce and hard to find, making it a rare commodity.