| A | B |
|---|
| Coice | The need to decide between alternatives |
| Needs | Things that we need to survive e.g. basic food, clothing, shelter |
| Wants | Things that we would like to have but are not needed for survival |
| Goods | Tangible items, things we can see and touch e.g. table and chairs |
| Services | Things that are done for us e.g. a haircut, bus ride |
| Free goods | Goods which are plentiful in relation to the want for them. It is not necessary to give up anything to get them |
| Economic Good | Goods which are scarce in relation to the want for them. It is necessary to give up something to get these goods |
| Means | What we have to achieve what we want e.g. time, skills, money |
| Scarcity | A situation where there is not enough of a good or service to satisfy the desire for it |
| Values | Things we consider important. This is reflected in our lifestyle and tastes |
