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What does scarcity mean?

Looking for the meaning or definition of the word scarcity? Here's what it means.

Noun
  1. (uncountable) the condition of something being scarce or deficient
  2. (countable) an inadequate amount of something; a shortage
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Examples
Self-governing bodies are ready to pay whatever amount for the purpose of meeting scarcity of water in needy places.
Knowing everything the price system communicates about relative scarcity, would Jesus drive a gas-sipping econobox?
What we know in the secret recesses of our hearts is that the story of scarcity is a tale of death.
This is inevitable, and a reader may be ill at ease at the scarcity of evidence that underlies many of these reconstructions.
This was especially so in the prairies and plains, where a scarcity of trees made wooden fencing impractical.
He believed that the apparent scarcity of land was the result of land speculation and maldistribution that would be remedied by the single tax.

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