Scarcity vs. Shortage

Scarcitynoun

(uncountable) the condition of something being scarce or deficient

Scarcitynoun

(countable) an inadequate amount of something; a shortage

Scarcitynoun

a small and inadequate amount

Scarcity

Scarcity as an economic concept If the conditions of scarcity didn't exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no economic goods, i.e.

Shortagenoun

A lack or deficiency; an insufficient amount.

Shortagenoun

Amount or extent of deficiency, as determined by some requirement or standard; as, a shortage in money accounts.

Shortagenoun

the property of being an amount by which something is less than expected or required

Shortagenoun

an acute insufficiency

Shortage

In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply (surplus).