Define the following terms:

Question

Scarcity -

Competition -

Resources -

Answer 1

Scarcity - Refers to the limited availability of resources in comparison to the unlimited wants and needs of individuals and society.

Competition - The struggle between individuals, businesses, or organizations for limited resources or market share. It is a key driver of innovation and efficiency in the marketplace.

Resources - Anything that can be used to produce goods and services. This includes natural resources (such as land, water, and minerals), human resources (such as labor and skills), and capital resources (such as machinery, buildings, and technology).