Search results
- Dictionaryscarcity/ˈskɛːsɪti/
noun
- 1. the state of being scarce or in short supply; shortage: "a time of scarcity" Similar Opposite
Powered by Oxford Dictionaries
Jun 27, 2024 · Scarcity is an economic concept where individuals must allocate limited resources to satisfy their needs. Scarcity occurs when demand for a good or service is greater than...
SCARCITY definition: 1. a situation in which something is not easy to find or get: 2. a situation in which something is…. Learn more.
In microeconomics, scarcity refers to the idea that resources are limited. It applies to physical resources like land, water, and oil, as well as intangible resources like time, skills, and attention. We have to make choices about how to allocate those resources. There are two main types of scarcity: absolute and relative.
Take the quiz. The meaning of SCARCITY is the quality or state of being scarce; especially : want of provisions for the support of life. How to use scarcity in a sentence.
[1] Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. [2] . The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself".
a situation in which something is not easy to find or get: the scarcity of skilled workers. Opposites. abundance formal. plenty. SMART Vocabulary: related words and phrases. Scarce, inadequate and not enough. be at a premium idiom. be thin on the ground idiom. chronic shortage. dearth of something. gold dust. insufficiently. lacking.
Learn about the concept of scarcity, a crucial concept in the field of economics. Examine various examples of scarce resources (e.g. caviar, labor, housing) as well as free resources (e.g. air, water in certain contexts) as you learn how economics is a study of how to allocate scarce resources.
