Explain why economists are concerned with relative scarcity as opposed to absolute scarcity?

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asked Nov 7, 2022 215k views

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Prince Agrawal · Answer 1 · 2022-11-10T02:26:48+0000

Absolute scarcity: First, it may be that there are simply insufficient quantities of a resource to meet human needs or wants. ... Relative scarcity: Second, there may be physical quantities of a resource present but scarcity exists because of problems about supply or distribution

Yasei No Umi · Answer 2 · 2022-11-14T13:41:48+0000

Answer:

Absolute scarcity: First, it may be that there are simply insufficient quantities of a resource to meet human needs or wants. ... Relative scarcity: Second, there may be physical quantities of a resource present but scarcity exists because of problems about supply or distribution.Jan 19, 2012

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Explain why economists are concerned with relative scarcity as opposed to absolute scarcity?

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Explain why economists are concerned with relative scarcity as opposed to absolute scarcity?