| A | B |
|---|
| Needs | Things that are necessary for survival |
| Wants | Things not necessary for survival but add comfort and pleasure to our lives |
| Goods | Things you can see and touch |
| Services | Things that are satisfied through the efforts of other people or by equipment |
| Economic resources | Means through which goods and services are produced |
| Natural resources | Materials that come from the earth |
| Human resources | People who work to produce goods and services |
| Capital resources | Tools, equipment, and buildings that are used to produce goods and services |
| Basic economic problem | Scarcity |
| Economic decision making | Process of choosing which wants, among several wants to consider, will be satisfied |
