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A 2014 image of product shortages in Venezuela. In economics, a shortage or excess demand is a situation in which the demand for a product or service exceeds its supply in a market. It is the opposite of an excess supply (surplus).
Medicine Being or relating to a grave physical condition, especially of a patient. c. Being in or verging on a state of crisis or emergency: a critical shortage of food. 4. Extremely important or essential: a critical element of the plan; a second income that is critical to the family's well-being.