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1. Economics.

In classical economics, scarcity refers to any resource (such as natural gas) which is limited in supply and from which demand must be satisfied.

In this context, the term is a relative one, as - ultimately - all resources are limited in supply.

For financial decision making purposes, scarcity often refers to the resource which is most scarce in the situation under review.

2. Development - developing countries - sustainable development.

In the context of development, scarcity means an extreme of short supply, leading directly or indirectly to human suffering or other severe problems.

Reducing water scarcity
“By 2030, substantially increase water-use efficiency across all sectors and ensure sustainable withdrawals and supply of freshwater to address water scarcity and substantially reduce the number of people suffering from water scarcity.”
2030 Agenda for Sustainable Development - UN Sustainable Development Target 6.4.

See also

External link

Progress on UN Sustainable Development Target 6.4 - Water use and scarcity