| A | B |
|---|
| scarcity | limited resources; not enough for everyone who wants it |
| allocation methods | ways to decide who gets the scarce resource |
| productive resources | land, labor, capital |
| supply | amount of a good or service that producers are willing to sell |
| demand | amount of a good or service that consumers are willing and able to buy |
| competition | market with more than one producer or seller |
| producer | a person or business who makes goods and services available to the consumers |
| consumer | a person who buys goods and services |
| profit | amount of money made after costs of production have been paid |
| entrepreneur | person who organizes resources and makes decisions about the production of goods and resources to make a profit |
