5. Define resource, scarcity, and competition. (2 points)
Resource: An economic or productive factor required to accomplish an activity, or as means to undertake an enterprise and achieve desired outcome. Resources are essential for the functioning of any economy or society.
Scarcity: The fundamental economic problem where resources are limited and cannot satisfy all human wants and needs. Scarcity forces individuals, businesses, and governments to make choices about how to allocate resources effectively and efficiently.
Competition: The rivalry among businesses or individuals for the same resources or customers in a market. It can drive innovation, lower prices for consumers, and improve quality of goods and services. Competitive markets can benefit both consumers and producers by promoting efficiency and productivity.