scarcity
n. C / Un. a situation where there is not enough of something that people need. It describes a shortage of things like food, water, or money.
n. the state of being in short supply; a situation where demand for a resource exceeds its availability. Often used in economic contexts to describe the fundamental tension between limited resources and unlimited wants.
The scarcity of fresh water is a major problem in the desert.
During the drought, the scarcity of local produce caused prices at the market to double within a week.
Economists argue that scarcity is the primary driver of value, as the rarity of a commodity relative to human desire necessitates a system of allocation through pricing.
Inherited from Middle English scarsite, from Old Northern French escarsete; by surface analysis, scarce + -ity.
Uncountable when referring to the general state of shortage; countable when referring to specific instances or types of shortages.