answersLogoWhite

0


Best Answer

Relative Scarcity is the fact that something is relatively scarce

User Avatar

Wiki User

16y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is relative scarcity?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Why does relative scarcity determine the level of prices in a free market system?

because scarcity means they don't have enough of something


The relative scarcity of resources makes the operation of any economy a matter of choosing between alternativesn and Explain?

k


Why does relative scarcity determine the level of prices in a free-market system?

The relative scarcity of a product affects the pricing in a free market system since surplus of a product leads to low prices. A reduction in supply will lead to high prices of a product because people may be willing to pay more to have it.


What is the fundamentals of economics?

The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.


What is the fundamental economic problem?

The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.


What is the fundamental problem of economic?

The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of economics.


How did eskimo made their pottery?

Much the same way as other native american people, in pit kilns. The relative scarcity of wood means that eskimo pottery is rarer.


What is the antonym for scarcity?

Examples of antonyms for the noun 'scarcity' are:glutabundanceexcesssurplussufficiencyenough


How is scarcity different from shortage?

Scarcity refers to the fact that for any resource, there's a finite number of whatever it is relative to the aggregate wants and desires of society as a whole.Shortages refers to a situation in which the price of something is made to be artificially low, so the amount demanded is much greater than the amount supplied.


What is scarcity and how does scarcity influence opportunity cost?

Scarcity is a situation where there is not enough to satisfy everyone's wants.


What does scarcity means?

scarcity is the condition of being scarce or less. Usually associated with a certain quantity. Like scarcity of water in a desert. Scarcity of rain in a region


Whi is scarcity important in economics?

Scarcity is the fundamental basis of economics. Without scarcity, there would be no economy.