Question

Summarize the concept of relative scarcity.

Answer 1

The concept of relative scarcity would be that it includes fewer resources than those that are needed to fill the human's needs and wants. It is also known as an economic problem, and resources that are brought upon by land, labor resources or capital resources. And since humans are so resourceful, it does not fill our needs and wants of what we look for and what we search for, which is why it effects our economy so heavily.