The noun 'waste' is an abstract noun as a Word for an act of expending something carelessly, extravagantly, or to no purpose; a Word for a concept (a waste of time, a waste of resources).
The noun 'waste' is a concrete noun as a Word for material that is not wanted; the unusable remains or byproducts of something; a Word for physical things.
The abstract noun form of the verb to waste is the gerund, wasting.
A related abstract noun is wastefulness.
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