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Module 1: Introduction to Economics

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The Concept of Relative Scarcity

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Economics - The Concept of Relative Scarcity

The Concept of Relative Scarcity

The concept of relative scarcity is based on the relationship between
wants and resources. Human wants for goods and services are unlimited and
cannot be fully satisfied because the resources used to produce the goods
and services are limited.

Resources are scarce relative to the demand for goods and services.
Relative scarcity is known as the 'economic problem', a problem faced by
every country in the world and a problem that can never be solved.

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