| A | B |
|---|
| Factors of Productions | resources used to make all goods and services |
| An efficient economy | makes the best use of all its goods and services |
| Why are all goods and services scarce? | All resources are scarce |
| What is opportunity cost? | most desirable alternative given up for the decision |
| Competition | struggle among various producers for the consumer's business |
| What incentive motivates a manufacturer to sell a product? | making profits |
| What is the purpose of competition? | act as a regulating force in the marketplace |
| What is the function of an economic system? | produce and distribute goods and services |
| What effect does new technology have? | makes the economy stronger and more efficient |
| One benefit provided by Social Security - | retirement income for elderly |
