| A | B |
|---|
| basic economic problem (scarcity) | The problem which faces individuals, businesses, and governments of satisfying unlimited wants with limited resources |
| capital resources (capital) | Tools, equipment, and buildings used in producing goods and services |
| economic decision making | The process of choosing which want, among several wants being considred, will be satisfied |
| economic resources (factors of production) | The means through which goods and services are produced |
| goods | Things you can see and touch |
| human resources | People who work to produce goods and services |
| needs | Things that are necessary for survival, such as food, clothing, and shelter |
| services | Things that satisfy our wants through the efforts of other people or equipment |
| wants | Things that are not necessary for survival but that add comfort and pleasure to our lives |
