Scarcity - Scarcity is the fundamental economic problem of having seemingly unlimited wants and needs in a world of limited resources. It refers to the situation where there are not enough resources available to meet all the various needs and wants of individuals and society as a whole.
Competition - Competition is the rivalry between individuals, businesses, or nations for markets, customers, and resources. It is a driving force in a market economy that encourages efficiency, innovation, and improvement of products and services.
Resources - Resources are the inputs or factors of production used in the production of goods and services. They can be natural resources (such as land, water, and minerals), human resources (such as labor and skills), and capital resources (such as machinery, buildings, and technology). These resources are limited and must be efficiently allocated to meet the needs and wants of society.
Define the following terms:
Scarcity -
Competition -
Resources -
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