What effect does relative scarcity have on the economy?

The relative scarcity has the same impact on the economy as the absolute scarcity does, but the relative scarcity problem can be solved by the technology and supply chain advancement. A higher cost is needed in technologies advancements for relatively scarce resources. That causes more problem of choice in economics, to choose between technology advancement to fluent the supply chain or invest in substitute resources.

Generally, the economy moves to the substitute resources of production until the scare recourses have not any substitute or substitute cannot match the quality of resources.