ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -dearth, drought, famine, inadequacy, insufficiency, lack, paucity, shortage, exiguity, infrequency, rareness, rarity, scantiness, sparsity, stringency, uncommonness, want.

Detailed explanation-2: -adj.restricted, definite. adj.inadequate, short.

Detailed explanation-3: -Content: Scarcity Vs Shortage Scarcity refers to a state, when a resource is available in a finite quantity at a particular point of time. Shortage means a situation in which the offers of a product is less than the bids. Scarcity is when something is rare and difficult to reproduce.

Detailed explanation-4: -Choice C is correct. Scarcity means ‘shortage’ the opposite being plenty meaning ‘large amount of something’.

Detailed explanation-5: -The noun scarcity comes from the adjective scarce, which means “restricted in quantity or availability.” So scarcity is the state of there being very little of something.