scarcity
SKAIR-sih-tee
/ˈskeəsɪti/
The state of being scarce or in short supply; shortage.
In collecting, scarcity is a primary driver of value; the fewer copies of an item that exist, the higher its demand and price.
The story behind the word. The word comes from the Vulgar Latin 'excarpsus', which means 'plucked out' or 'selected.' This suggests that scarce items are those that have been carefully picked out of a larger group, leaving very few behind. It entered English in the 14th century during times of famine.
Word relationships
- rarity: Rarity implies that something is unusual or uncommon, while scarcity emphasizes that there is not enough of it to satisfy demand.
- dearth: Dearth refers to a lack or shortage of food or essential supplies, rather than collectible items.
- abundance: Abundance means a very large quantity of something, which typically drives down its collectible value.
- surplus: Surplus refers to an excess of production or supply over demand.
Commonly confused with
- scantiness: Scantiness refers to smallness in size or quantity (e.g., scanty clothing), while scarcity refers to a systemic shortage of supply.
Word family
- scarce (adjective): Insufficient for the demand; rare.
- scarcely (adverb): Only just; almost not.
Collocations
- extreme scarcity
- scarcity of resources
- artificial scarcity
- relative scarcity
Example sentences
- "The scarcity of the 1909 honus Wagner baseball card explains why it sold for over six million dollars." An economics textbook explaining market value.
- "Water scarcity in the region has forced the local government to implement strict conservation measures." A discussion on environmental resources.
Memory hook
Think of 'scarce' + 'city'. In a 'scarce city', there is a shortage of everything, making resources highly valuable. Few in number, high in value.
When not to use
Do not confuse with 'rarity' in scientific contexts, though they are often used interchangeably in casual collecting.
Fun facts
- De Beers famously created 'artificial scarcity' for diamonds in the 20th century by controlling the supply to keep prices high.
Explore more words
scarce, want, abundance, overconsumption, finite, marginalism
Also appears in
- Finance → Microeconomics & Consumer Behavior
- Nature → Resource Depletion
- Economic Theory & Analysis → Classical & Neoclassical Thought
- Environmental Policy & Sustainability Economics → Water Scarcity & Management
- Food Science & Culinary Craft → Malnutrition & Famine
- Food Science & Culinary Craft → Food Waste & Overconsumption
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