Question

briefly describe the term relative scarcity​

Answer 1

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Explanation:

Relative scarcity is where a good is naturally limited in supply. So, there is only a finite number available. However, we define relative scarcity as being naturally limited, but is also scarce relative to demand. In other words, relative scarcity is where supply does not meet demand.

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Answer 2

Answer:

Relative scarcity is where a good is naturally limited in supply. So, there is only a finite number available. However, we define relative scarcity as being naturally limited, but is also scarce relative to demand. In other words, relative scarcity is where supply does not meet demand.

Explanation:

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