Answer:
Scarcity is a characteristic of all economic goods and therefore one of the central concepts in the economy, as it raises the problem of choice between unlimited needs and scarce resources. There are two types of scarcity:
-Absolute scarcity: if there is too little of a certain good. For example, the scarcity of food in areas where there is a famine.
-Relative scarcity (also scarcity in the economic sense): if means of production or time have to be sacrificed to produce the product. For example, to produce bread, the means of production of raw material, energy, labor and time must first be sacrificed. Bread is therefore a scarce commodity.
