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Scarcity

SKAIR-suh-tee /ˈskɛərsəti/

nounB2GRESATUPSC

FormalTechnical

The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.

Scarcity is not just about something being rare; it means there isn't enough to satisfy everyone's wants at a zero price. It's the core problem that forces economic choices.

The story behind the word. 'Scarcity' comes to us from the Old North French word escarsete, which meant 'shortage' or 'deficiency.' This, in turn, is related to the Latin excarpsus, meaning 'plucked out,' suggesting something that has been taken away or is in short supply. The economic meaning emphasizes that resources are limited compared to our boundless desires, forcing us to make choices.

Word relationships

shortage: 'Shortage' implies a temporary or localized lack, while 'scarcity' is a fundamental, pervasive condition of limited resources relative to unlimited wants.
dearth: 'Dearth' suggests a severe lack or absence, often of something specific, while 'scarcity' is a broader economic principle.

abundance: A state of having a very large quantity of something, the opposite of scarcity.
plenty: A sufficient or more than sufficient amount or supply.

Commonly confused with

rarity: 'Rarity' means something is uncommon, but not necessarily scarce in the economic sense if there's no demand for it. Scarcity implies demand exceeds available supply.

Word family

scarce (adjective): Insufficient for the demand; rare.
scarcely (adverb): Only just; almost not.

Collocations

resource scarcity
water scarcity
food scarcity
economic scarcity
fundamental scarcity

Example sentences

"Scarcity forces individuals and societies to make choices about how to allocate their limited resources." Introducing a basic economic principle.
"The increasing scarcity of fresh water in many regions poses a significant challenge for future generations." Discussing environmental issues.

Memory hook

Think of a 'SCARCE CITY' where there aren't enough resources for all the people, forcing tough choices. SCARCITY = Not Enough

When not to use

While 'scarcity' can describe a general shortage, in economics, it implies the fundamental imbalance between infinite wants and finite resources, not just a temporary lack.

Fun facts

Scarcity is one of the three basic economic questions, along with what to produce and for whom to produce.