Ask Question
4 June, 06:56

The comparison of the scarcity of one good service or resource to that of another is called

+1
Answers (1)
  1. 4 June, 07:31
    0
    The correct answer is: relative scarcity.

    Explanation:

    Relative scarcity refers to the basic economic problem that our wants are unlimited while our resources - land, labor, capital, and entrepreneurship - are limited. As there is an imbalance between our wants and our resources, individuals must compare one good over the other to analyze what is the advantage of acquiring one over the other. The solution is a trade-off.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The comparison of the scarcity of one good service or resource to that of another is called ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers