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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).
A need is something that is necessary for an organism to live a healthy life. Needs are distinguished from wants in that, in the case of a need, a deficiency causes a clear adverse outcome: a dysfunction or death. In other words, a need. In other words, a need is something required for a safe, stable and healthy life (e.g. food, water, shelter) while a want is a desire, wish or aspiration. When needs or wants are backed by purchasing power, they have the potential to become economic demands.