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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
By the 1920s a state-subsidized system of grain elevators, silos, and storage at railheads helped to ease the cycle of glut and scarcity.
While buyers are not thrilled by rising prices, rising prices are one of the ameliorative responses to changes in scarcity conditions.
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.
It merely refuses to help the owner get rich from artificially enforced scarcity.
This was especially so in the prairies and plains, where a scarcity of trees made wooden fencing impractical.

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