what is rationing in economics

Rationing in economics refers to the practice of controlling the distribution of a good or service in order to cope with scarcity. It is often a mandate of the government, undertaken in response to adverse conditions such as war, natural disasters, or economic crises. Rationing can involve the allocation of scarce goods or resources among competing individuals or groups, and it can be implemented through various methods, including price rationing and non-price rationing. The goal of rationing is to ensure a fair and equitable distribution of limited resources during times of scarcity or crisis, although it can lead to the emergence of black markets and ethical concerns. Rationing is a temporary measure aimed at mitigating shortages and controlling prices until the supply-demand balance is restored or alternative solutions are found