In economics, scarcity refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited …

Jun 9, 2025 · 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.

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.

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

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

Jun 25, 2019 · Definition: Scarcity refers to resources being finite and limited. Scarcity means we have to decide how and what to produce from these limited resources. It means there is a constant …

1. Insufficiency of amount or supply; shortage: a scarcity of food that was caused by drought. 2. Rarity of appearance or occurrence: antiques that are valued for their scarcity.

2 days 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 …

Scarcity, also known as paucity, is an economics term used to refer to a gap between availability of limited resources and the theoretical needs of people for such resources.

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