Define resource, scarcity, and competition

Answer 1

Resource: A resource is any material or immaterial entity that can be used to fulfill a need or want. Resources can be natural, such as water or land, or man-made, such as machinery or technology.

Scarcity: Scarcity is the fundamental economic problem of having seemingly unlimited wants and needs in a world of limited resources. This means that there is not enough of a resource available to meet all of the demand for it.

Competition: Competition is the rivalry between individuals, businesses, or nations for the same resources, market share, or customers. It drives innovation and efficiency but can also lead to conflicts and inequalities.