| A | B |
|---|
| Needs | Things that are necessary for survival. |
| Wants | Things that are not necessary for survival. |
| Goods or Products | Things you can see and touch. |
| Services | Things that people do for you. |
| Natural Resources | Raw materials supplied by nature. |
| Human Resources (Labor) | The people who work to produce goods and services. |
| Capital Resources | The tools, equipment, and buildings that are used to produce goods and services. |
| Basic Economic Problem (Scarcity) | The conflict between unlimited wants and limited resources. |
| Economic Decision Making | The process of choosing which wants will be satisfied. |
| Economic Resources (Factors of Production) | The means through which goods and services are produced |
