Relative scarcity refers to the limited availability of a resource in comparison to the demand for that resource. It highlights how a resource may be abundant in one context or region but scarce in another, affecting its value and allocation. This concept is crucial in economics, as it drives decisions about resource management and prioritization in production and consumption. Ultimately, relative scarcity helps explain why certain goods may be more expensive or sought after than others.
because scarcity means they don't have enough of something
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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.
Under the broadest meaning, scarcity would mean that there are limits to our resources on this planet. A resource or a commodity that exists as a limited quantity would be said to be scarce.
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
Relative Scarcity is the fact that something is relatively scarce
because scarcity means they don't have enough of something
Dearth; scarcity.
scarcity
dearth
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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.
General scarcity of food; dearth; a want of provisions; destitution.
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
Under the broadest meaning, scarcity would mean that there are limits to our resources on this planet. A resource or a commodity that exists as a limited quantity would be said to be scarce.
Some word parts for relative location include "posi-" meaning position, "loc-" meaning place, "proxim-" meaning near, and "dist-" meaning distant.
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.