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scarcity vs. shortage

[skair-si-tee] / ˈskɛər sɪ ti /

noun

plural

scarcities
  1. insufficiency or shortness of supply; dearth.

    Synonyms:
    paucity, lack, want, shortage
  2. rarity; infrequency.

[shawr-tij] / ˈʃɔr tɪdʒ /

noun

  1. a deficiency in quantity.

    a shortage of cash.

    Synonyms:
    lack, scarcity, want
  2. the amount of such deficiency.