scarcity
noun
- fundamental problem of economics where there are limited resources to fulfill society's unlimited wants
Wiktionary
Pronunciation: /ˈskɛɹsɪti/ / /ˈskɛəsɪti/
noun
Etymology: Inherited from Middle English scarsite, from Old Northern French escarsete; by surface analysis, scarce + -ity.
- The condition of something being scarce or deficient.
“Praise […] owes its value only to its scarcity.”
“To understand the events of the next fifty years, then, one must understand environmental scarcity, cultural and racial clash, geographic destiny, and the transformation of war.”
- An inadequate amount of something; a shortage.
“a scarcity of grain”
“The crucial and intersecting challenges of scarcities, both emerging and intensifying, will consume China’s custodians over the next decade.”