Rarity, or scarcity, refers to the limited availability of a resource, item, or experience. When something is rare, it means there are not many of it in existence, making it more valuable or desirable. For example, a rare coin or a limited edition artwork can attract collectors who are willing to pay a premium due to its scarcity. Scarcity can also apply to natural resources, like freshwater or endangered species. When these resources become limited, it can lead to competition and increased demand. Understanding rarity helps us appreciate the value of what we have and encourages responsible consumption and conservation efforts.