noun, plural scarcities.
insufficiency or shortness of supply; dearth.
rarity; infrequency.

1300–50; Middle English scarsete(e) < Old North French escarsete. See scarce, -ity

nonscarcity, noun, plural nonscarcities.

1. shortage, want, lack, paucity. Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
scarcity (ˈskɛəsɪtɪ)
n , pl -ties
1.  inadequate supply; dearth; paucity
2.  rarity or infrequent occurrence

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
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Word Origin & History

c.1300, from O.N.Fr. escarceté (O.Fr. escharsete), from eschars (see scarce).
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Cultural Dictionary

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.

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Example sentences
But the scarcity that could make a shell seem so precious was almost always
The problem of scholarship in our age is one of abundance, not scarcity.
He suggested in several interviews that the gas's price should mirror its
  actual demand and scarcity.
But a basic rule of communication is that abundance brings scarcity: an
  abundance of media creates a scarcity of attention.
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