Source : Webster's Revised Unabridged Dictionary (1913)

Scarceness \Scarce"ness\, Scarcity \Scar"ci*ty\, n.
   The quality or condition of being scarce; smallness of
   quantity in proportion to the wants or demands; deficiency;
   lack of plenty; short supply; penury; as, a scarcity of
   grain; a great scarcity of beauties. --Chaucer.

         A scarcity of snow would raise a mutiny at Naples.
                                                  --Addison.

         Praise . . . owes its value to its scarcity. --Rambler.

         The value of an advantage is enhanced by its
         scarceness.                              --Collier.

   Syn: Deficiency; lack; want; penury; dearth; rareness;
        rarity; infrequency.

Source : WordNet®

scarcity
     n : a small and inadequate amount [syn: {scarceness}] [ant: {abundance}]