Scarcity will have 500 leaving planet (5)

I believe the answer is:

earth

'planet' is the definition.
(Earth is an example)

I cannot understand how the remainder of the clue works.

(Other definitions for earth that I've seen before include "Familiar example of 1 Across" , "Fox's underground lair" , "Connection between an electrical device and conductor" , "our present abode" , "Soil; fox's lair" .)

I've seen this clue in The Times.

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