| A | B |
|---|
| wants | the things we wish we could have |
| needs | the things we must have to survive |
| goods | can be physically weighed or measured |
| services | tasks that people or machines perform |
| resource | anything that people can use to make or obtain what they want or need |
| opportunity cost | what you give up when you make one choice instead of another |
| business | all of the activities of an individual or group of individuals involved in producing and distributing goods and services to customers |
| economic system | set of rules by which a nation decides how to distribute its resources to satisfy people's wants |
| factors of production | economic resources actually used to produce goods or services |
| natural resources | resources that come from the air, water, or earth |
| nonrenewable resources | a resource that cannot be replaced or renewed |
| renewable resources | natural resources that renew themselves |
| human resources | prople who contribute physical and mental energy to the production process |
| capital resources | a resource such as equipment or a machine that makes it possible to produce goods and services |
| entrepreneurship | the initiative to combine natural, human, and capital resources to produce goods or services |
| scarcity | the lack of something that can be used to satisfy the wants and needs of a group of people |
