Define the following terms:
Scarcity
Competition
Resources
Scarcity: Scarcity refers to the limited availability of resources compared to the unlimited wants and needs of individuals or society. It is the fundamental economic problem that arises due to the mismatch between demand and supply.
Competition: Competition is the rivalry or contest between individuals, businesses, or organizations to achieve a specific goal, such as attracting customers or winning market share. It is a key driver of innovation, efficiency, and quality in the marketplace.
Resources: Resources are the inputs used in the production of goods and services that satisfy human needs and wants. They can include natural resources (such as land, water, and minerals), labor, capital (physical and financial assets), and entrepreneurial skills. Resources are limited and must be allocated efficiently to meet the demands of society.
oh my god the short answer!
Scarcity: Limited availability of resources compared to unlimited wants and needs.
Competition: Rivalry between individuals or businesses to achieve a goal.
Resources: Inputs used in production to satisfy human needs, including natural resources, labor, capital, and entrepreneurial skills.