shortage definition economics
What is a 'Shortage'. A shortage is a situation in which demand for a good or service exceeds the available supply. Possible causes of a shortage include miscalculation of demand by a company producing a good or service, resulting in the inability to keep up with demand, or government policies such as price fixing or rationing.
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Surplus economics is the study of economics based upon the concept that economies operate on the basis of the production of a surplus over basic needs.