Define resource, scarcity, and competition.
A resource is a naturally occurring material or substance that is useful for humans, such as water, air, wood, or minerals.
Scarcity refers to the limited availability of resources relative to the amount of demand for those resources. When a resource is scarce, it means that there is not enough of it to satisfy all the wants and needs of individuals or society as a whole.
Competition is the rivalry between individuals or groups over the same resources. In a competitive environment, individuals or groups must compete with each other to acquire the limited resources that are available. This can lead to conflicts, strategies, and decisions to ensure that one's needs or desires are met despite the scarcity of resources.