This is a single kanji with an い on the end, meaning you know it's probably an adjective. The kanji means scarce, so it's no surprise this word means scarce, meager, or lacking.

乏しい is an advanced word that's more common in writing or polite speech. It's often used to describe a deficiency in quantity or quality, such as リソースが乏しい (scarce in resources) or 経験が乏しい (lacking experience).

Since this word consists of a kanji with hiragana attached, you can bet that it will use the kun'yomi reading. You didn't learn that reading with this kanji, so here's a mnemonic:

What can you count on when things are scarce? Your local towboat (とぼ). In times of scarcity, the towboat shows up hauling barges of food and supplies to supplement everyone's meager provisions. Thanks, towboat.