hiányt

Hiány, meaning shortage or lack in Hungarian, is a noun whose form hiányt is the accusative singular used when the shortage is the object of the verb. In economics, a shortage describes a situation in which the quantity demanded of a good or service exceeds the quantity supplied at the current price. It is distinct from scarcity, which refers to the fundamental, long-run limitation of resources and is not tied to a particular price.

Shortages can be temporary, arising from a sudden disruption, or structural, reflecting longer-term imbalances. They may be caused by price controls that prevent price from rising to clear markets, supply chain problems, natural disasters, geopolitical events, failures in production, or underinvestment in critical sectors. Conversely, high demand due to population growth or changing preferences can also outpace supply.

When shortages occur, markets may exhibit queues, delayed deliveries, or rationing. Prices tend to rise if markets remain flexible, encouraging producers to supply more or consumers to cut back; in markets with controls, shortages may persist or shift to secondary channels.

Common areas affected include energy, housing, pharmaceuticals, and semiconductors, where intermittent shortages have influenced inflation and policy responses.

Policy responses aim to restore balance by increasing supply, reducing demand, or improving efficiency: relaxing price restrictions, expanding production through investment and trade, diversifying suppliers, and easing regulatory barriers. In the long term, improving information, forecasting, and resilience reduces vulnerability to shortages.