Shortage refers to a situation where the quantity of a desired resource or commodity falls short of the demand or requirements. It occurs when the available supply of a particular item or service is insufficient to meet the needs of consumers or users.
Shortages can arise due to various reasons such as limited production, high demand, disruptions in supply chains, natural disasters, or government regulations. In a shortage, prices often rise as consumers compete for the limited available supply. This can lead to a range of consequences including higher costs, increased competition, rationing, and economic imbalances. Shortages can impact various sectors such as food, energy, housing, healthcare, and consumer goods, affecting individuals, businesses, and the overall economy. Efforts are made to address shortages through measures like increased production, imports, resource allocation, and policy interventions.