| A | B |
|---|
| scarcity | limited economic resources & unlimited wants. |
| allocate | distribute resourcs in order to satisfy greatest number of needs and wants. |
| 3 basic economic questions | What to produce? How to produce? For whom to produce? |
| productivity | Level of output that resultss from a given level of input. |
| efficiency | smallest amount of resources to produce the greatest amount of output. |
| division of labor | assigning small task to each worker. |
| specialization | focus on one activity allows people to work faster an increase production. |
| choice | making decisions based on certain priorties. |
