Shortage
When people want to buy more of something than sellers have, usually because the price is too low.
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Related words
- Supply and demand
- Prices tend to rise when people want more of something than is available, and fall when there's more than people want.
- Supply
- How much of something sellers are willing to sell at each price. When the price goes up, sellers usually offer more.
- Demand
- How much of something people want to buy at each price. When the price goes up, people usually buy less.
- Equilibrium price
- The price where the amount people want to buy equals the amount sellers want to sell.
- Surplus
- When sellers have more of something than people want to buy, usually because the price is too high.
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