Because the world is characterized by scarcity, people must allocate the limited ______ at their disposal among many competing uses.

The focus of the question is on the concept of scarcity, a fundamental principle in economics that refers to the limited nature of resources in relation to the unlimited wants and needs of individuals and society. The term that best fits the context of allocating what is available among competing uses is "resources."

Resources refer to the various inputs used to produce goods and services, which include land, labor, capital, and entrepreneurship. These resources are finite, and individuals, businesses, and governments must make decisions on how to use them efficiently to meet the demands of society. This allocation often requires prioritization, as one must decide between multiple potential uses, highlighting the impact of scarcity on economic decision-making.

While the other terms such as wealth, capital, and time are important concepts in economics, they do not capture the breadth of what is being allocated due to scarcity in the same way that "resources" does. Wealth refers to accumulated assets, capital typically pertains to financial resources or physical goods used in production, and time is a resource in its own right but more specific to individual decision-making rather than the overall economic context of resource allocation. Thus, "resources" is the most comprehensive term fitting the description of responding to scarcity.