How does absolute and relative scarcity affect economy of developing countries
Answers
Answer:
One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources
Answer:
It is the basic economic problem, which explains the lag between the limited amount of resources and unlimited wants of individuals which finally leads to the problem of choice among individuals to allocate the resources in an efficient manner.
One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.