The Short Version
The claim captures the core concept of economics — the relationship between scarcity and human needs — and uses language found in multiple credible academic sources. However, standard definitions consistently pair "needs" with "wants" and emphasize choice, tradeoffs, and allocation among competing uses, not merely "fulfilling needs." The omission of "wants" and the broader decision-making framework makes this a recognizable but incomplete paraphrase rather than a precise definition.