How to compare two columns and find out the missing elements in one with respect to other

Not sure of an easier method. I normally do in this manner.
1) Keep the lists in two sheets with the same column names.
2) Introduce a column "Available" by side of the first list
3) Use Advanced Filter
Range : Range of First List including the "Available" column
Criteria : Second List
4) Executing Advanced Filter will now display in first list items available in second list. Mark a flag in "Available" Column (Y)
5) Clear the filter -> Create standard filter for list1 and filter "Available" Column for blanks.

A Sample workbook attached for reference.