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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).
The definition of a deficiency is something that is lacking, or something that isn't sufficient or good enough. When you do not get enough education, this is an example of something that can be seen as a deficiency when you are looking for a job. deficiency. pl. deficiency.