scarcity

What it means

1. uncountableThe condition of something being scarce or deficient.

   Praise […] owes its value only to its scarcity.

   July 6, 1751, Samuel Johnson, The Rambler No. 136

   1 more example

   To understand the events of the next fifty years, then, one must understand environmental scarcity, cultural and racial clash, geographic destiny, and the transformation of war.

   1994 February, Robert D. Kaplan, “The Coming Anarchy”, in The Atlantic

   Synonyms: infrequency

2. countableAn inadequate amount of something; a shortage.

   a scarcity of grain

   1 more example

   The crucial and intersecting challenges of scarcities, both emerging and intensifying, will consume China’s custodians over the next decade.

   2013 September 24, Damien Ma, William Adams, “China's Next Great Challenge: Scarcity”, in The Atlantic

   Synonyms: dearth

In a sentence

Praise […] owes its value only to its scarcity.

July 6, 1751, Samuel Johnson, The Rambler No. 136

Where it comes from

1. Old Northern Frenchescarsete
2. Middle Englishscarsite
3. Englishscarcity

Inherited from Middle English scarsite, from Old Northern French escarsete; by surface analysis, scarce + -ity.