resource, scarcity, and competition definition. One short sentence for each word definition, thank you bot.
Resource: A naturally occurring material or substance that can be used for economic gain.
Scarcity: The limited availability of resources in relation to unlimited wants and needs.
Competition: A rivalry between individuals, groups, or businesses for resources, customers, or market share.
sorry for asking again, but i need a bit of a different description, like a science one with the economy and such, thanks again.
Resource: In economics, a resource is a input used to produce goods and services, such as labor, land, or capital.
Scarcity: In economics, scarcity refers to the fundamental problem of having limited resources to satisfy unlimited wants and needs of individuals or society.
Competition: In economics, competition is the rivalry between individuals, firms, or countries in the marketplace for resources, customers, and market share, which drives innovation and efficiency.