Yes, scarcity is in the scrabble dictionary

...and is worth 16 points by itself.

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Scarcity Definition

noun

Insufficiency of amount or supply; shortage: a scarcity of food that was caused by drought.
from The American Heritage Dictionary of the English Language, 4th Edition
Rarity of appearance or occurrence: antiques that are valued for their scarcity.
from The American Heritage Dictionary of the English Language, 4th Edition
The quality or state of being .
from Free Scrabble Dictionary
Want of provisions for the support of life.
from Free Scrabble Dictionary

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Top Words by points

Points

scarcity

15

2 letter words with SCARCITY

Points

ai

2

ar

2

as

2

at

2

ay

5

is

2

it

2

si

2

ta

2

ti

2

ya

5

3 letter words with SCARCITY

Points

act

5

air

3

ais

3

ait

3

arc

5

ars

3

art

3

ats

3

ays

6

car

5

cat

5

cay

8

cis

5

cry

8

icy

8

its

3

rai

3

ras

3

rat

3

ray

6

ria

3

rya

6

sac

5

sat

3

say

6

sic

5

sir

3

sit

3

sri

3

sty

6

tar

3

tas

3

tic

5

tis

3

try

6

yar

6

yas

6

4 letter words with SCARCITY

Points

acts

6

airs

4

airt

4

airy

7

aits

4

arcs

6

arts

4

arty

7

asci

6

cars

6

cart

6

cast

6

cats

6

cays

9

cist

6

city

9

cria

6

cris

6

crit

6

cyst

9

racy

9

rais

4

rats

4

rays

7

rias

4

ryas

7

sari

4

sati

4

scar

6

scat

6

scry

9

star

4

stay

7

stir

4

tars

4

tics

6

tray

7

tsar

4

5 letter words with SCARCITY

Points

airts

5

artsy

8

astir

5

cacti

9

carts

7

circa

9

circs

9

crias

7

crits

7

cycas

12

satyr

8

scart

7

scary

10

sitar

5

stair

5

stray

8

stria

5

tarsi

5

trays

8

triac

7

6 letter words with SCARCITY

Points

arctic

10

crista

8

cystic

13

racist

8

triacs

8

7 letter words with SCARCITY

Points

arctics

11

satyric

12

8 letter words with SCARCITY

Points

scarcity

15

Found 114 words in 0.29092 seconds