ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -lack of an adequate quantity or number. an acute insufficiency. synonyms: dearth, famine. type of: deficiency, lack, want. the state of needing something that is absent or unavailable.

Detailed explanation-2: -Scarce, inadequate and not enough.

Detailed explanation-3: -: a large number or amount of (a type of thing that is being described) There is no shortage of restaurants in the city.

Detailed explanation-4: -OTHER WORDS FOR shortage 1 lack, want, scarcity.

Detailed explanation-5: -A shortage is a condition where the quantity demanded is greater than the quantity supplied at the market price. There are three main causes of shortage-increase in demand, decrease in supply, and government intervention. Shortage, as it is used in economics, should not be confused with “scarcity."