Using four or more sentences, summarize the concept of relative scarcity.

Answer:

Relative scarcity means that the amount of a resource is considered in relation to people’s wants for it. A resource can be plentiful and still be scarce if people want more of it than is available. Scarcity can differ from place to place and can change over time as supplies and wants change. Therefore, scarcity does not simply mean that something is rare; it means that available resources are insufficient to satisfy all wants.