1.5.3.pdf - 1 Define each of the terms in the table...

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1. Define each of the terms in the table below. (12 points) Term Definition Allocation Setting aside resources for a specific purpose. Consumptio n Using a good or service. Efficiency Producing something with as little waste as possible. Production The creation of goods and services to satisfy wants and needs. Distribution Taking things from one place to another.
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Scarcity When demand is greater than supply. 2. List the four fundamental questions of economics. (12 points) — What is to be produced? — How is production to be organized? — How are goods and services to be distributed? — What is the most effective allocation of resources? 3. Fill out the table by describing each of the economic systems listed. (6 points) System Description Free-market system A system of private ownership and free-exchange.
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