ECONOMICS QUESTION what is relative scarcity?

Question

In my resent Year 11 Economics exams is got the multiple choice question: what is relative Scarcity?

Does anyone no what it is?

Answer 1

Favorite Answer

Should not you, since you are taking it? Anyways, relative scarcity means that we as human beings want more then our resources can provide. For example, you as high school might want a new Bentley and a mansion, however, your resources in this case your money and skills of earning money are insufficient.