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This Concept Map, created with IHMC CmapTools, has information related to: Benton.cmap, Scarcity and Resource Allocation ???? Economics, Competition encourages price, product quality, and better customer service ???? Explain relationship between: supply, demand, and price, Economics ???? Markets, Compare different allocation methods for scarce goods and services: Prices Command First-Come- First-Serve Sharing Equally Rationing Lottery ???? Scarcity and Resource Allocation, Fundamental Economic Questions: What to produce? How to produce it? For whom to produce? ???? Production, Distribution, and Consumption, Pertinent Terms ???? Economics, Production, Distribution, and Consumption ???? Economics, Regions interdependent on what they produce best and trade with other regions for goods ???? ????, Economics Supply Demand Entrepreneur Capital Goods Specialization Scarcity Lottery Goods Services Opportunity Cost ???? Pertinent Terms, Productive capacity is affected by: Education Specialization Capital goods Division of labor ???? Production, Distribution, and Consumption, Competition between consumers = Higher product prices ???? Competition encourages price, product quality, and better customer service, Explain relationship between: supply, demand, and price ???? Regions interdependent on what they produce best and trade with other regions for goods