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What is relative scarcity in economics?

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It is exactly what the words "relative" and "scarcity" literally say. Oxford English Dictionary has it as: "A condition that exists when a particular resource is in short supply in one or more areas, because of inadequate [availability or development]. read more

It is exactly what the words "relative" and "scarcity" literally say. Oxford English Dictionary has it as: "A condition that exists when a particular resource is in short supply in one or more areas, because of inadequate [availability or development].". read more

The Economic Problem: relative scarcity. May 28, 2011 by. People have many different wants and needs. There are three basic human needs – food, clothing and shelter. Once our needs are satisfied, there are many other things that we want to have to help make our lives more comfortable and pleasant. read more

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1.1 The Economic Problem. Wants and Needs Economic Choices ...
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