Scarce is an adjective that describes something that is in limited supply, insufficient, or hard to find. It refers to a situation where the quantity or availability of a particular resource, item, or commodity is inadequate or falls short of demand or expectation. When something is scarce, it implies that it is not readily plentiful or easily accessible.
In economics, scarcity refers to the fundamental concept that resources are finite or limited, while human wants and needs are infinite. This concept influences various aspects of decision-making, including production, consumption, and allocation. Scarce resources, such as money, time, or natural resources, are essential factors in determining the value or worth of goods and services.
In the context of goods or products, scarcity can result in higher prices due to increased demand and limited supply. Likewise, scarcity can trigger competition and, at times, lead to hoarding or stockpiling. Scarce resources can create challenges and necessitate prioritization or efficient utilization.
Furthermore, scarcity extends beyond physical objects and can also refer to intangible resources, such as scarce job opportunities or scarce talents in a specific field. Thus, scarcity encompasses the notion of limitation, insufficiency, and rarity in various domains, emphasizing those areas where there is a shortage or inadequacy.
