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Can you summarize the Scarcity Principle in economics from this article?

What is the Scarcity Principle? The scarcity principle is a theory in economics that maintains that scarcity in the supply of a product and high demand for that product cause a discrepancy in the supply and demand equilibrium. According to this principle, a scarce or rare goods often has a higher value and this results in a mismatch between demand and supply. In order to reach an equilibrium between supply and demand, the scarcity principle offers that the price of a rare product be increased until the equilibrium is reached. Hence, only individual with higher purchase power will be able to afford a scarce commodity, denying others the chance to obtain the product. How does the Scarcity Principle Work? Oftentimes, market equilibrium is distorted as a result of a mismatch in the level of supply and demand. For instance, when there is more demand for a product than the number that is supplied, equilibrium cannot be reached. When there is a higher demand for a product, it means the product is scarce, for equilibrium to be reached, the scarcity principle suggests that the price of the scarce good be increased so that the levels of supply and demand will match. According to the scarcity principle, a scarce or rare product has a higher value than other normal products. When a product is scarce, there is high tendency that it will be more expensive than other products and this denied people with insufficient funds the opportunity to purchase the scare product. This is thereby cause a decline in demand until the levels of demand and supply are at equilibrium.
gpt
The article defines the Scarcity Principle as an economic theory that states when a product is in short supply but is in high demand the product's price will rise until the higher price causes lower demand and supply and demand balance out.