Shortage

Shortage means there is not enough of a good or service to meet demand. In simple terms, a shortage happens when people want to buy more than what is available. Shortages are important because they can lead to higher prices, longer wait times, limited choices, and pressure on consumers and businesses. A shortage can happen when demand rises quickly, supply falls, or both happen at the same time. For example, if many people want to buy a product but stores do not have enough in stock, there is a shortage of that product. A shortage is not the same as scarcity. Scarcity is the basic economic problem that resources are limited, while a shortage is a specific situation where supply is not enough to meet demand.