What is land scarcity?

Economics Dec 09, 2020

Expert Solution

Land scarcity is the limitation of amount of available land. In many cases, relative scarcity affects prices, because land in more demand is pricier. For example, land in a city is scarcer and costs more than land outside in the countryside; this would be because the countryside provides more room for growth and development whilst many cities are constricted due to density needs. Extreme land scarcity would prevent people from partaking in their activities like farming.

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