scarcity

(redirected from undersupply)
Also found in: Dictionary, Thesaurus, 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 ?
To test our hypothesis that dual use of VA and Part D prescription benefits to obtain antihypertensives would increase likelihood of medication undersupply and oversupply, we used multinomial logistic regression.
Stefan Burch, Saudi Arabia general manager at Knight Frank said: ''in order to address the housing undersupply issue, the government has launched a number of projects in recent years - although not all of these have achieved the success that had been envisioned.
This period of undersupply had eroded stocks, and so the extra supply is now enabling countries such as China to rebuild their stockpiles.
Thesis 4 reveals that a general scarceness in supply of rare earths will not prevail until 2016, instead of that a mixture of oversupply and undersupply can be expected.
"Development projects that are likely to remain viable and in demand are those in prime locations in major cities where there is an undersupply of shopping centre space and a large population."
"We anticipate Bahrain's residential market to have substantial undersupply in the affordable homes segment as developers continue to focus on the premium segment of the market," the report states.
The lowest figure since 1978, when the Japan Automobile Dealers Association began compiling relevant data, was attributable to weak sales of new vehicles that led to an undersupply of used ones.
"Pressing issues being debated, such as homelessness and housing costs, are rooted in chronic undersupply of new housing."
sa s id: a bo Pr Pshc Pressing issues being debated, such as homelessness and housing costs, are rooted in chronic undersupply of new housing."
"In Abu Dhabi there is actually an undersupply across the market ...
Summary: RIYADH/DUBAI: Saudi King Abdullah's bumper cash pledge to build more homes shows the kingdom's intent to address vast undersupply in the world's biggest oil exporter, but there is no quick fix for its property woes.
Turkey's automotive industry _often considered as the locomotive of the country's economy_ saw for the first time an undersupply in 2010 with an all time high of 760 thousand vehicles sold to break a record of 738 thousand back in 2005.