| A | B |
|---|
| Basic economic problem (scarcity) | The problem which faces individuals, businesses, and governments of satisfying unlimited wants with limited resources. |
| Capital resources | Tools, equipment, and buildings used in producing goods and services. |
| Economic decision making | The process of choosing which want, among several wants being considered, 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. |
| Natural resources | Raw material supplied by nature. |
| 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. |
