Top european cities to visit for Thus scarcity sets the tone for much of economic thinking. There are many things that are scarce in an economy, such as raw materials for producing goods, water, capital, machinery, goods, and human beings. Scarcity is a concept that applies to individuals as well; we have scarcity of money to purchase all of the things that we desire. We also have a scarcity of time, as there are only so many hours in a day to fulfill our tasks. The scarcity of time leads an individual to think about the opportunity cost of doing one activity as opposed to the other. Thus, we can make a rational choice about how best to use our time. In economics, the concept of scarcity is used to further the idea of efficiency, by evaluating the actions taken in an economy to utilize the scarce resources. Top european cities to visit 2016.