Scarcity (noun)

1. The state of being scarce or in short supply.
2. The condition of not having enough of something.
3. The lack or shortage of a resource.

Origin:

From middle english scarcetee, from old french scarite, from medieval latin scaritat-, from latin scaritas ("scarcity, scarcity of food"), from scarus ("scanty, scarce"), from proto-indo-european *sker- ("to cut, to shear").

Examples:

1. The scarcity of water in the region is a major problem.
2. There is a scarcity of affordable housing in the city.
3. Due to the scarcity of resources, the company had to lay off employees.
4. The scarcity of jobs in the area has led to high unemployment.
5. The scarcity of oil is driving up prices.