scarcity
/ˈskɑːrsɪti/ · scar·ci·ty
noun
- The condition of something being scarce or deficient The scarcity of clean water in the drought-stricken region was a major concern for the local authorities.
- An inadequate amount of something; a shortage The scarcity of grain led to a significant increase in food prices.
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Did you know? The concept of scarcity has been a central theme in economics, particularly in the work of Adam Smith, who argued that scarcity is a fundamental driver of human behavior and economic activity.