Which of these most accurately describes something that is "sparing"?

The term "sparing" refers to being frugal or using something in moderation, which directly connects to the concept of avoiding waste. When something is described as sparing, it typically implies a careful and restrained approach to consumption or use. This aligns well with the idea of avoiding waste, as a sparing approach focuses on utilizing resources efficiently and not overindulging in excess.

The other options suggest behaviors that contradict this meaning. For instance, lavishness is the opposite of sparing, as it involves generosity and excess rather than restraint. Employing extreme caution typically relates to carefulness but doesn't directly connect with the idea of being sparing in terms of resource usage. Lastly, embracing abundance indicates a preference for having plenty or more than enough, which again is contrary to the notion of avoiding waste. Thus, choosing the correct answer reflects an understanding of the essence of the word "sparing."