Define resource, scarcity, and competition.
Resource: A resource is a source or supply of something that has value and can be used to meet a need or want, including materials, energy, human skills, or time.
Scarcity: Scarcity is the condition of limited resources relative to the unlimited wants and needs of people. In other words, scarcity refers to the situation in which the demand for resources exceeds their supply, leading to a situation where resources must be allocated between different uses.
Competition: Competition is the act of competing for resources, goods, or services in a market, such as time, money, or customers. Competitors try to gain an advantage over each other by better meeting the needs of consumers or by controlling resources more effectively. Competition is an essential feature of markets and usually results in efficiency gains and lower prices.