scarcity

n., pl., -ties.

1. Insufficiency of amount or supply; shortage: a scarcity of food that was caused by drought.
2. Rarity of appearance or occurrence: antiques that are valued for their scarcity.

noun

The condition or fact of being deficient: defect, deficiency, deficit, inadequacy, insufficiency, lack, paucity, poverty, scantiness, scantness, scarceness, shortage, shortcoming, shortfall, underage¹. See excess/insufficiency/enough.

n

Definition: rarity
Antonyms: commonness

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The basic problem on which classical economic theory is built: simply, that human wants will always exceed the resources available to fulfill those wants. This tenet was challenged by the rise of what John Kenneth Galbraith described as the affluent society.

IN BRIEF: The condition of being in short supply.

Praise, like gold and diamonds, owes its value only to its scarcity. — Samuel Johnson (1709-1784), English poet, critic and writer.