Meaning of the word scarcity in English

What does scarcity mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

scarcity

US /ˈsker.sə.t̬i/
UK /ˈskeə.sə.ti/
"scarcity" picture

Noun

the state of being scarce or in short supply; shortage.

Example:
The scarcity of water in the region is a major concern.
Economic theory often deals with the problem of scarcity.