This document discusses the concept of scarcity or lack in economics. It introduces the foundations of scarcity established by Robert Malthus and his theory of population growth outpacing food production. Examples from the Philippines show increasing population between 1960-2019 with discussion of finite natural resources. John Stuart Mill's views on production, consumption, and proper distribution of wealth are presented. Signs of scarcity include depletion of natural resources like deforestation, lack of food due to urbanization, and environmental damage. Ways to alleviate scarcity mentioned are conservation, reducing waste, reusing materials, recycling, stockpiling resources, and developing technology and knowledge.