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scarcity

SKAIR-si-tee /ˈskeərsəti/

nounB2GRESATIELTSTOEFL

generalacademic

The fundamental economic condition of having limited resources to satisfy unlimited human wants.

Represents an inescapable structural baseline condition of human existence rather than a temporary short-term shortage.

The story behind the word. Passed from Old French 'escarsete' into Middle English, tracing back to Latin 'excerpere' ('to pluck out' or 'select'). Something scarce was 'plucked out' until very little remained. Economists Lionel Robbins famously defined economics itself as 'the science which studies human behavior as a relationship between ends and scarce means'.

Word relationships

dearth: A severe lack or inadequate supply of something specific (e.g., a dearth of evidence).
shortage: A temporary market condition where demand exceeds supply at the current price.

abundance: An ample, overflowing quantity of resources.
surplus: An excess quantity remaining after requirements are satisfied.

Commonly confused with

shortage: Scarcity is permanent and fundamental; a shortage is temporary and price-driven.

Word family

scarce (adjective): Insufficient for demand; rare.
scarcely (adverb): Only just; barely.

Collocations

resource scarcity
scarcity of labor
artificial scarcity
scarcity mentality

Example sentences

"Scarcity forces societies to decide what goods to produce, how to produce them, and who receives them." Macroeconomics
"The growing scarcity of freshwater resources has led to rising commodity costs worldwide." Environmental Economics

Memory hook

SCARCE items leave a SCAR on the market because everyone wants them. Limited supply versus unlimited desire.

When not to use

Avoid using scarcity to describe a temporary logistics failure if you mean a short-term 'shortage'.

Fun facts

Monopolies often create 'artificial scarcity' by intentionally withholding product supply to keep prices artificially inflated.