scarcity

Definitions

General English

General Science

  • noun the infrequency with which something occurs

Economics

  • noun a situation in which the demand for something exceeds the supply. This can apply to anything from consumer goods or to raw materials.

Health Economics

  • (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.
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