scarcity


Also found in: Dictionary, Thesaurus, Legal, Wikipedia.

Scarcity

In classical economics, the fact that resources are limited while desires are unlimited. The existence of scarcity requires the efficient allocation of resources and drives innovation to work around limitations. That is, scarcity often refers to trading one good or service for another, but it may cause an economic actor to invent something that will satisfy as many desires as possible. See also: Land, labor, and capital.

scarcity

the limited availability of economic resources (FACTORS OF PRODUCTION) relative to society's unlimited demand for GOODS and SERVICES. See ECONOMICS.
References in periodicals archive ?
Scarcity has been defined as a shortage of supply of a product (Brannon & Brock, 2001; Lynn, 1989; Mukherjee & Lee, 2016), and in the context of marketing products can be divided into two categories: scarcity in quantity--in promotions indicated by claims such as "Limited edition" and "Only x units in stock," and scarcity in time, for which the promotional claims may be statements such as "48 hours only sale" or "Only temporarily available," Limitation of supply or restricted volume per outlet (supply-side factors) and surge in product demand (demand-side factor) may conspire, either independently or in combination, to bring about scarcity in quantity.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that scarcity of fuel would persist unless government breaks the Nigerian National Petroleum Corporation's (NNPC) monopoly of importation and distribution of petroleum products.
Anis Ahmed addressing the conference said climate impact on ecosystem is leading to 'water scarcity, resources paucity, food security and disaster repercussions.
He said that scarcity of water is to hurt water-intensive crops like rice and sugar cane in the beginning and entire agricultural chain subsequently which will create problems like unemployment, food security and closure of our leading industries.
Chairman Pakistan Council of Research and Water Resources (PCWR) briefed the committee on water scarcity scenario and possibilities for better management of water resources.
Experts have said that to cope with water scarcity in the future, GCC countries will have to invest millions of dollars to keep up with rising demand while developing new technologies to address water scarcity issues that will be prevalent in the region by 2050.
Hussain said Pakistan, which was once declared 'water happy' country by the World Bank, had touched the 'water stress line' in 1990 and crossed the 'water scarcity line' in 2005.
Arik Air's spokesman, Adebanji Ola said Jet A-1 scarcity started showing when leading oil marketers started rationing the supply of the product to airlines.
The problem of scarcity of doctors has been worsening over the first decade of the twenty first century throughout the world.
A vision of scarcity leads to the building of walls, the turning away of refugees, and the denial of vital services to the most vulnerable among us.
The $1 million award encourages leading corporations, research centres, institutions, and innovators from all over the world to find sustainable and innovative renewable-energy solutions to the problem of water scarcity.
67 million) award that encourages people and institutions to find solutions to international water scarcity.