| A | B |
|---|
| Needs | things that are required in order to live |
| Wants | things that add comfort and pleasure to your life |
| Goods | things you can see and touch |
| Services | activities that are consumed at the same time they are produced |
| Economic Resources | the means through which goods and services are produced |
| Scarcity | not having enough resources to satisfy every need |
| Economic Decision-Making | the process of choosing which wants, among several options, will be satisfied |
| Economic System | a nation's plan for answering the three economic questions |
| Capitalism | the private ownership of resources by individuals, rather than by the government |
| Consumer | a person who buys and uses goods and services |
