| A | B |
|---|
| competition | struggle among producers for the dollars of consumers |
| safety net | government programs that prevent people from experiencing unfavorable economic conditions |
| scarcity | limited quantities of resources to meet unlimited wants |
| specialization | the concentration of the productive efforts of individuals and firms on a limited number of activities |
| standard of living | level of economic prosperity |
| entrepreneur | ambitious leader who combines land, labor, and capital to create and market new goods or services |
| firm | an organization that uses resources to produce a product, which it then sells |
| household | a person or a group of people living in the same residence |
| need | something like air, food, or shelter that is necessary for survival |
| want | an item that we desire but that is not essential to survival |
