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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).
(lÄk) n. 1. Deficiency or absence: Lack of funding brought the project to a halt. 2. A particular deficiency or absence: Owing to a lack of supporters, the reforms did not succeed. v. lacked, lackÂ·ing, lacks. v.tr. To be without or in need of: lacked the strength to lift the box.