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Scarcity: meaning, definitions and examples

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scarcity

 

[ ˈskɛəsɪti ]

Noun
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

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.

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

Etymology

The word 'scarcity' originated from the Latin word 'scarcitas', meaning 'rareness' or 'deficiency'. The concept of scarcity has been a central theme in economic thought since the time of classical economists like Adam Smith and David Ricardo. It plays a crucial role in understanding the allocation of resources in market economies.

See also: scarcely.

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.