- noun the infrequency with which something occurs
- noun a situation in which the demand for something exceeds the supply. This can apply to anything from consumer goods or to raw materials.
(written as Scarcity)The general condition of life that has given rise to the dismal science. Economics is founded on the proposition that there is scarcity - i.e. that more is wanted of goods and services than is available (either to individuals or to populations). A scarce good is a good having these characteristics, in contrast to a free good.