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noun, plural scarcities.
insufficiency or shortness of supply; dearth.
rarity; infrequency.
noun (pl) -ties
inadequate supply; dearth; paucity
rarity or infrequent occurrence

scarcity definition

The basic problem on which classical economic theory is built: simply, that human wants will always exceed the resources available to fulfill those wants. This tenet was challenged by the rise of what John Kenneth Galbraith described as the affluent society.


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