Scarcity is defined as a state of something being in short supply.noun
An example of scarcity is when there is only a tiny amount of a crop produced because of drought and there is not enough to feed the whole town.YourDictionary definition and usage example. Copyright © 2013 by LoveToKnow Corp.
noun pl. scarcities
- the condition or quality of being scarce; inadequate supply; dearth
- rarity; uncommonness
Origin: ME scarsite < NormFr escarseté
Used by arrangement with John Wiley & Sons, Inc.
noun pl. scar·ci·ties
- Insufficiency of amount or supply; shortage: a scarcity of food that was caused by drought.
- Rarity of appearance or occurrence: antiques that are valued for their scarcity.
scarcity - Business Definition
scarcity - Cultural Definition
The basic problem on which classical economic theory is built: simply, that human wants will always exceed the resources available to fulfill those wants. This tenet was challenged by the rise of what John Kenneth Galbraith described as the affluent society.