Shortage

Definition

Shortage is a situation where the demand for a particular resource surpasses the supply available, often resulting in a market imbalance.

Parts of Speech

• Noun

Pronunciation

American English

• IPA Pronunciation: /ˈʃɔrtɪdʒ/
• Respelling: SHOR-tij (with "SHOR" as in "shore," and "tij" as in "image")

British English

• IPA Pronunciation: /ˈʃɔːtɪdʒ/
• Respelling: SHAW-tij (with "SHAW" as in "shawl," and "tij" as in "image")

In both dialects, "shortage" is pronounced with the initial "sh" sound followed by a vowel sound that is slightly different between American (a more rounded "or") and British English (a longer "aw" sound). The ending "-tij" is consistent across both dialects, similar to the ending sound in "image." The primary stress is on the first syllable.

Etymology

The term "shortage" stems from the word "short" combined with the suffix "-age." "Short" comes from Old English sceort, and "-age" is a suffix of French origin used to form nouns of action or result, process or collection.

Derivatives

• Shortage-ridden
• Shortage-hit
• Shortfall (related term rather than a derivative)
• Under-supply (related term rather than a derivative)
• Scarcity (related term rather than a derivative)

Synonyms

• Deficiency
• Lack
• Scarcity

Antonyms

• Surplus
• Abundance
• Excess

Usage

"Shortage" is commonly used in economic, business, and retail contexts to describe a situation where the supply of a particular resource or commodity is insufficient to meet demand. It can also be used in everyday contexts to describe a lack of any resource, such as time or space.

Related Terms

• Supply
• Demand
• Over-supply
• Under-supply
• Market equilibrium

Detailed Definition

Noun

• Insufficient Supply: A situation in which the available supply of a particular resource or commodity is less than the demand for it.
• Example: Due to a severe drought, there was a shortage of crops this year.

• Deficit: The amount by which a sum of money falls short of the required or expected amount; a deficit.
• Example: The company faced a budget shortage and had to make some cutbacks.