Question

briefly explain scarcity

Answer 1

Ever-present situation in all markets whereby either less goods are available than the demand for them, or only too little money is available to their potential buyers for making the purchase. This universal phenomenon leads to the definition of economics as the "science of allocation of scarce resources."

scarcity principles
An economic theory which states that limited supply, combined with high demand equals a lack of pricing equilibrium.typically demand & supply will gravitate prices  to a stable balance.