2. identify a scarce item that exists in your world. research that item's factors of
production. which items in the factors of production identified makes this item scarce?

In our world Water is the scare item.

Explanation:

Although there are many items which scare such petroleum, minerals ans etc but water is one of the most scare items on the earth. Water is one of the most essential item which required most in our daily life and without it, the human as well as the life of living creatures is not possible on the planet.  

Excess use of water, animal agriculture, excessive grazing, and cutting of forests are the factors which are responsible for ending this resource.