scarcity

Definition

A lack of supply of some commodity or item; in real estate terms, the scarcity of available properties (supply) tends to lead to an increase in prices if the number of buyers is high (demand).

Use scarcity in a sentence

There was a lot of scarcity to deal with and things that were once in abundance were now going away faster.

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One might not think of water as a scarcity, however, in a long drought, water can be worth its weight in gold.

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Housing prices in a particular community are often driven by supply and demand where a scarcity of homes typically leads to an increase in the average price paid per square foot.

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scam health economics