In Economics, we use the term scarcity to mean:
A. Absolute scarcity and lack of resources in less developed coun¬tries.
B. Relative scarcity i.e. scarcity in relation to the wants of the society.
C. Scarcity during times of business failure and natural calamities.
D. Scarcity caused on account of excessive consumption by the rich.
Answer:B
In Economics, we use the term scarcity to mean:
A. Absolute scarcity and lack of resources in less developed coun¬tries. B. Relative scarcity i.e. scarcity in relation to the wants of the society. C. Scarcity during times of business failure and natural calamities. D. Scarcity caused on account of excessive consumption by the rich.