scarcity
A situation when there is not enough of something that people need or want.
The condition of having less of something than is needed or wanted; a shortage.
In economics, the idea that there are not enough resources to give everyone everything they want, so people and governments must choose how to use what they have.
In economics, the fundamental condition that resources are limited while human wants are unlimited, requiring choices about how to allocate those resources.
- Base: scarcity
- Plural: scarcities, scarcity
artificial scarcity
1deliberately limited supply
A lack of a product or service that is created on purpose, usually to control prices or demand, even though there could be more of it.
- Critics argue that the company is creating artificial scarcity by limiting how many units it releases.
- Digital goods are easy to copy, so firms often use licenses to introduce artificial scarcity.
- Some luxury brands rely on artificial scarcity to make their products seem more special.
scarcity of resources
1not enough resources available
A situation when there are not enough resources, such as money, materials, or workers, to do everything people want.
- Many conflicts are made worse by the scarcity of resources such as water and fertile land.
- The project failed mainly because of the scarcity of resources within the organization.
- Climate change is increasing the scarcity of resources in vulnerable regions.
water scarcity
1not enough usable water
A serious lack of clean and safe water for people, farming, and nature.
- Water scarcity is already affecting millions of people around the world.
- The government launched new policies to address growing water scarcity in the country.
- Experts warn that climate change will make water scarcity more common.
scarcity mindset
1belief that there is never enough
A way of thinking where a person believes there is never enough money, time, or other important things, even when their basic needs are met.
- Working in a very competitive office gave her a strong scarcity mindset about money and status.
- A scarcity mindset can make people afraid to share information or help others.
- Coaches often encourage clients to replace a scarcity mindset with an abundance mindset.
scarcity mindset
2Belief there is never enough
A way of thinking where you always feel there is not enough money, time, love, or success to share.
- A scarcity mindset can make people compete instead of cooperate.
- With a scarcity mindset, every success of others feels like a loss for you.
- The book explains how a scarcity mindset can damage both business and personal life.