What is Relatively Scarce?
Relatively scarce is a term used to describe a resource or commodity that is not available in large quantities. It is a relative term, meaning that something is scarce compared to other resources or commodities. For example, a rare mineral may be considered relatively scarce compared to a more common mineral. The scarcity of a resource or commodity can be determined by its availability, cost, and demand.
History of Relatively Scarce
The concept of relative scarcity has been around for centuries. In economics, it is used to describe the relationship between the supply and demand of a particular resource or commodity. This concept was first introduced by Adam Smith in his book The Wealth of Nations, published in 1776. In the book, Smith argued that the price of a commodity is determined by its relative scarcity.
The concept of relative scarcity has been used in many different fields, including economics, finance, and business. It is also used to describe the availability of resources in different countries or regions. For example, a resource may be considered relatively scarce in one country but abundant in another.
Table of Comparisons
| Resource | Relative Scarcity |
|---|---|
| Oil | High |
| Gold | Medium |
| Coal | Low |
Summary
Relatively scarce is a term used to describe a resource or commodity that is not available in large quantities. It is a relative term, meaning that something is scarce compared to other resources or commodities. The concept of relative scarcity has been used in many different fields, including economics, finance, and business. It is also used to describe the availability of resources in different countries or regions. For more information about this term, you can visit websites such as Investopedia, The Balance, and Investing.com.
See Also
- Scarcity
- Supply and Demand
- Opportunity Cost
- Marginal Cost
- Marginal Utility
- Price Elasticity of Demand
- Price Elasticity of Supply
- Inflation
- Deflation
- Economic Growth
