Shortage - high demand of product with low prices. (i.e. Macbook Pro for 100 bucks) Scarcity - unlimited wants but limited resources (i.e. Produce paper but less trees)
The term scarcity means a dearth or lack of supply of an item, whereas shortage only indicates that the demand exceeds or will exceed the supply. (Shortage can also indicate a shortfall in production...
no definitely not, a scarcity is when the is a small amount of a non-renewable substance (water, clean air, food); and a shortage is a small amount of something we can have again soon (PS3's, chairs,...