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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 requirement is a capability that a product must possess to ultimately satisfy a customer need or objective. A requirement tends to be more granular, and is written with the implementation in mind. Feature: A feature is a set of logically related requirements that allows the user to satisfy an objective. A feature tends to be a higher-level objective than a requirement.