scarcity

  

Definition

Ever-present situation in all markets whereby either less goods are available than the demand for them, or only too little money is available to their potential buyers for making the purchase. This universal phenomenon leads to the definition of economics as the "science of allocation of scarce resources."

Use scarcity in a sentence

  • There was a scarcity in the amount of food that was available due to robbers that kept stealing food at night even though guards were posted up.

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  • When the blizzard started, the townsfolk scavenged through the stores to find bread and milk, as the impassible roads increased the scarcity of important goods.

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  • The law of supply and demand explains that the value of a resource is determined by its scarcity in relation to how many people want or need it.

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