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Scarcity: meaning, definitions and examples

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scarcity

 

[ˈskɛəsɪti ]

Definition

Context #1 | Noun

economics

Scarcity refers to the limited availability of a resource in comparison to the unlimited wants of individuals. It is a fundamental concept in economics that addresses the gap between limited resources and unlimited wants.

Synonyms

dearth, paucity, shortage.

Which Synonym Should You Choose?

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Word Description / Examples
scarcity

Used to describe a general lack or insufficiency of resources, usually on a larger scale. It is often used in economic contexts.

  • There is a scarcity of clean drinking water in many parts of the world.
  • The scarcity of jobs has led to increased competition among applicants.
shortage

Describes a situation where the demand for a product or service exceeds its supply. It is commonly used in everyday language and can apply to both small and large scales.

  • The grocery store is facing a shortage of toilet paper due to panic buying.
  • There is a shortage of nurses in the healthcare system.
paucity

Often implies a small or insufficient amount, specifically used when emphasizing the insufficiency. It is usually found in formal writing.

  • The paucity of data makes it difficult to draw any conclusions.
  • We were surprised by the paucity of volunteers for the event.
dearth

Typically suggests a severe lack or absence of something. It is often used in a more formal or literary context.

  • The dearth of affordable housing is a growing problem in urban areas.
  • There is a dearth of evidence to support these claims.

Examples of usage

  • Scarcity of water in the desert regions leads to conflicts over access.
  • The scarcity of skilled workers in the tech industry has driven up salaries.

Interesting Facts

Economics

  • Scarcity is a fundamental concept in economics, driving the need for choices when resources are limited.
  • The concept of supply and demand is based on scarcity; when something is scarce, it often becomes more valuable.
  • Scarcity not only applies to money but also to time, resources, and materials.

Environmental Science

  • Natural resources like water and fossil fuels are becoming scarce due to overuse and pollution.
  • Researchers are exploring sustainable practices to alleviate the scarcity of food and clean water worldwide.
  • Urban areas often experience scarcity of green spaces due to high population density.

Psychology

  • The Scarcity Principle suggests that people tend to desire what is less available, impacting decision-making and purchasing.
  • Experiencing scarcity can lead to stress and anxiety, influencing cognitive functions and decision-making abilities.
  • This principle is often used in marketing strategies, leveraging limited-time offers to create urgency.

History

  • Throughout history, societies have had to deal with scarcity, leading to conflict over resources like land and water.
  • The Great Depression revealed the effects of economic scarcity, as many people faced extreme poverty and lack of basic needs.
  • Ancient civilizations developed agricultural techniques to combat food scarcity, laying the groundwork for modern farming.

Philosophy

  • Philosophers have debated the ethical implications of scarcity, especially regarding resource distribution and equality.
  • Scarcity challenges the idea of abundance and raises questions about human desires and needs.
  • Some philosophers argue that scarcity can motivate innovation and creativity in finding solutions.

Translations

Translations of the word "scarcity" in other languages:

🇵🇹 escassez

🇮🇳 अभाव

🇩🇪 Knappheit

🇮🇩 kelangkaan

🇺🇦 дефіцит

🇵🇱 niedobór

🇯🇵 不足 (ふそく)

🇫🇷 rareté

🇪🇸 escasez

🇹🇷 kıtlık

🇰🇷 부족 (부족)

🇸🇦 ندرة

🇨🇿 nedostatek

🇸🇰 nedostatok

🇨🇳 稀缺 (xīquē)

🇸🇮 pomanjkanje

🇮🇸 skortur

🇰🇿 тапшылық

🇬🇪 დეფიციტი

🇦🇿 qıtlıq

🇲🇽 escasez

Word Frequency Rank

Position #8,020 indicates this is an advanced-level word. While not essential for basic communication, it will enhance your ability to understand and create more nuanced content.