Yes, the word 'insufficiency' is a synonym for 'scarcity'.
Other synonyms are: shortage, dearth, or lack.
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Scarcity is defined as the declining amount of desirable number. Suitable synonyms include dearth, drought, lack, insufficiency, shortage, and undersupply.
The word scarcity refers to a severe lack of something that is usually more available. A few good synonyms for scarcity that closely match this definition are "shortage," "paucity," "want," "dearth," "lack," "insufficiency," and "meagerness."
Yes, the word 'scarcity' is a noun, a word for an insufficiency of amount or supply; a shortage; a word for a thing.
Synonym: Scarcity Antonym: Commonness
Paucity is the problem of infinite human needs and wants, in a world of finite resources.A synonym would be "scarcity"