Scarcity
Scarcity is usually known as limited resources , let's take an example
The clock tower you could see over there , people wish to stay in a place like that , that means it is wanted which will result to a scarce resources as you might have to give up something to get the clock tower while the water before it is free resource , you can get it for free unless its a private property. When something is wanted over a time i becomes a demand for people and also it would be less in quantity at the market this states the Scarcity
Rivalry
Rivalry resources are resources where people can only get them by competing , for example a land for rent there might be many people you particularly want that land thus many people compete for it.
Fun fact : The the most expensive rivalry was at 2004 where a portrait of Salvatro Mundi was sold for 450 million dollars in an auction
Free resource
The oxygen and sky , rain , mud , all of them are free resource where we don't have to give up anything for it unlike scare resources
Split this topic in to two cards
Need to define properly as i mentioned in the comment box
Write what are the factors / causes of each
Write what are the various remedies or approaches to address both
Scarcity refers to the fundamental economic concept where resources are limited in comparison to the unlimited wants and needs of individuals. It is a situation in which the availability of a good or service is insufficient to satisfy the demand for it. Scarcity is a pervasive condition that affects all economic decisions.
In the context of economics, resources can include natural resources (such as land, water, and minerals), labor, and capital. The presence of scarcity requires individuals, businesses, and governments to make choices about how to allocate these limited resources efficiently. The study of how individuals and societies make choices to satisfy their wants and needs in the face of scarcity is a central focus of economics