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
k
dearth
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.
Relative Just like "relative humidity"
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.