Scarcity /ˈskɛːsɪti/
The noun of scarcity comes from the adjective scarce, which means shortages of quantity or goods and service. So scarcity refers to the limitations of things. During a war, there come shortages of everything.
The Scarcity word means is falling short of an essential or desirable amount or number. To know the meaning of these kinds of words, keep visiting India education.