Question

Using four or more sentences, summarize the concept of relative scarcity.

Answer 1

The relative scarcity concept is based on the relationship between the resources and the wants. People want to have services and products are unlimited but it can’t be completely fulfilled because the needed resources that are used to create the services and the products are limited. In relation to the demand for services and products, resources are scarce. It is a well-known economic problem that every nation is encountering and this issue still can never be resolved.