scarcity vs insufficiency

scarcity and insufficiency both are nouns.

Word	Noun	Adjective	Verb	Adverb
scarcity	Yes	No	No	No
insufficiency	Yes	No	No	No

As nouns, insufficiency is a hypernym of scarcity; that is, insufficiency is a word with a broader meaning than scarcity:

Other hypernyms of scarcity include deficiency, inadequacy.

scarcity (noun)	insufficiency (noun)
a small and inadequate amount	lack of an adequate quantity or number
	(pathology) inability of a bodily part or organ to function normally
	a lack of competence