Question

In Economics, we use the term scarcity to mean:

1 point

absolute scarcity and lack of resources in less developed countries

relative scarcity i.e. scarcity in relation to the wants of the society

scarcity during times of business failure and natural calamities

scarcity caused on account of excessive consumption by the rich

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Answer 1

Answer:

sacrity means a faliure or loss

Answer 2

Answer:

scarcity means stortage of something like water,minerals,etc