Scarcity and surplus seem like opposite concepts, and they are often confused. But surplus is not the opposite of scarcity, and a surplus good is not the opposite of a scarce good. ... Instead, there is often a surplus. The opposite of a scarce good is a “found” or “free” good.

What's the difference between surplus and scarcity?

A Market Surplus occurs when there is excess supply- that is quantity supplied is greater than quantity demanded. In this situation, some producers won't be able to sell all their goods. ... A Market Shortage occurs when there is excess demand- that is quantity demanded is greater than quantity supplied.

Are scarce and scarcity the same?

Scarcity refers to a basic economic problem—the gap between limited resources and theoretically limitless wants. ... Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity. Scarcity is also referred to as "paucity."