| A | B |
|---|
| Production | : The economic process or activity of producing goods and services |
| Quotas | : Specific goals to be met |
| Scarcity | : A condition resulting from the gap between limited resources and unlimited wants for goods and services |
| Resource | : Any item that is used to accomplish another activity, such as producing/providing goods and services |
| Socialism | : A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well |
| Subsistence | : Existence at a level that barely supports life |
| Supply | : The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period |
| Profit | : Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid |
| Traditional economy | : An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition |
| Welfare state | : A government that provides multiple social programs such as free health care and education to its citizens |
