Scarcity also includes an individual's lack of resources to buy commodities. [2] The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a …

The meaning of SCARCITY is the quality or state of being scarce; especially : want of provisions for the support of life. How to use scarcity in a sentence.

In economics, scarcity is a shortage in the supply of a resource that forces up its price, reducing its distribution to the consumers willing to pay a higher price.

SCARCITY definition: 1. a situation in which something is not easy to find or get: 2. a situation in which something is…. Learn more.

There are two main types of scarcity: absolute and relative. Absolute scarcity refers to the physical limitations of resources, while relative scarcity refers to the value we place on resources.

SCARCITY definition: insufficiency or shortness of supply; dearth. See examples of scarcity used in a sentence.

If there is a scarcity of something, there is not enough of it for the people who need it or want it.

Definition of scarcity noun in Oxford Advanced American Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more.

1 day ago · In economics, the concept of scarcity conveys the opportunity cost of allocating limited resources. Common resources like clean air and a sustainable climate have been increasingly …

Dec 15, 2025 · Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting …