Scarcity: meaning, definitions and examples
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scarcity
[ ˈskɛəsɪti ]
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
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
- нестача
- рідкість
🇵🇱 niedobór
🇯🇵 不足 (ふそく)
- 欠乏 (けつぼう)
- 希少 (きしょう)
🇫🇷 rareté
🇪🇸 escasez
🇹🇷 kıtlık
🇰🇷 부족 (부족)
🇸🇦 ندرة
🇨🇿 nedostatek
🇸🇰 nedostatok
🇨🇳 稀缺 (xīquē)
🇸🇮 pomanjkanje
🇮🇸 skortur
🇰🇿 тапшылық
🇬🇪 დეფიციტი
🇦🇿 qıtlıq
🇲🇽 escasez
Word origin
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.