Difference Between Scarcity And Shortage

Difference Between Scarcity And Shortage

The main dissimilarities or difference between scarcity and shortage can be pointed out as follows:

1. Introduction

Scarcity: The economic problem occurred because of limited availability of resources

Shortage: A condition of deficiency where supply cannot fulfill the demanded quantity of products

2. What Is It?

Scarcity: It is a gap between available resources and people's need

Shortage: It is a gap between supply and demand of products and services

3. Indication

Scarcity: It indicates the limited availability natural resources

Shortage: It indicates the limited availability of products or services

4. Reasons

Scarcity: Population growth, over extraction of natural resources etc.

Shortage: Increased demand, decreased supply or production, change in government policies etc.

5. Type Of Phenomenon

Scarcity: Natural phenomenon

Shortage: Market phenomenon

6. Control

Scarcity: It is very difficult to control

Shortage: It is possible to control by taking different steps

7. Examples

Scarcity: Maximum use of forest, land, water, minerals and other gifts provided by the nature

Shortage: Decrease in supply of vegetables, milk, medicine and other products and services

Scarcity Vs Shortage (Comparison Chart)

Basis For Difference	Scarcity	Shortage
Introduction	Economic problem occurred due to limited resources	Condition where supply cannot fulfill demand
Gap Between	Available resources and needs	Supply and demand
Indicates	Limited availability of resources	Limited availability of commodities
Reasons	Population growth, over extraction natural resources etc.	Increased demand, decreased supply etc.
It Is	Natural phenomenon	Market phenomenon
Control	Difficult	Easy
Examples	Excess use of natural resources like forest, water, etc.	Decrease in supply of food, vegetables, medicine etc.

I hope this post is helpful to understand the difference between scarcity and shortage and to make comparison between them.