Why are rare earths a concern in industrialized economies?

Question

Quizplus · Accepted Answer

Rare earths, although not actually rare, do not occur in concentrated form often, which makes their extraction and processing difficult and expensive. They are crucial components in many high-tech products such as smartphones, electric vehicles, wind turbines, and defense equipment. As industrialized economies rely heavily on these products, the scarcity of rare earths is a concern for their economic and technological development.

Why Are Rare Earths a Concern in Industrialized Economies