definition of scarcity
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Scarcity refers to the limited availability of a resource in comparison to the limitless wants. ... Scarcity may also be referred to as paucity of resources. A situation of scarcity requires people to judiciously or efficiently allocate the scarce resources to meet the needs of society.
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Something which is rare in number or amount is sumthing which is scare. Eg. Scarcity of water in Mumbai.
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