| A | B |
|---|
| The process of choosing which want, among several wants being considered, will be satisfied. | economic decision making |
| The problem which faces individuals, businesses, and governments of satisfying unlimited wants and with limited resources. | scarcity |
| Raw materials supplied by nature. | natural resources |
| Things you can see and touch. | goods |
| Tools, equipment, and buildings used in producing goods and services. | capital resources |
| Things that are necessary for survival (food, clothing, shelter). | needs |
| People who work to produce goods and services | human resources |
| Things that are not necessary for survival but add comfort and happiness to our lives. | wants |
