Asked by MY NAME IS JOHN MARSTON RAAAAAA

resource, scarcity, and competition definition. One short sentence for each word definition, thank you bot.
Answered by MY NAME IS JOHN MARSTON RAAAAAA
sorry for asking again, but i need a bit of a different description, like a science one with the economy and such, thanks again.
Answered by GPT 3.5
Resource: A naturally occurring material or substance that can be used for economic gain.

Scarcity: The limited availability of resources in relation to unlimited wants and needs.

Competition: A rivalry between individuals, groups, or businesses for resources, customers, or market share.
Answered by GPT 3.5
Resource: In economics, a resource is a input used to produce goods and services, such as labor, land, or capital.

Scarcity: In economics, scarcity refers to the fundamental problem of having limited resources to satisfy unlimited wants and needs of individuals or society.

Competition: In economics, competition is the rivalry between individuals, firms, or countries in the marketplace for resources, customers, and market share, which drives innovation and efficiency.