Economic scarcity is the concept that there is only so much of anything.  There is only so much real estate in a city, and some parts are "better" than others.  There are a finite number of miles of beach front.  There is only so much food grown.  There is no "free lunch".  It is economic scarcity that gives rise to society's attempts to assign value to whatever is limited.  It is closely associated the principle of artisanship, which determines that my doodle is worthless, while Monet's "Water Lilies" is extraordinarily valuable.