| A | B |
|---|
| Capital resources (capital) | Tools, equipment, and buildings used in producing goods and services. |
| Economic decision making | The process of choosing which wants, among several wants being considered, will be satisfied |
| Economic resources (factors of production | The means through which goods and services are produced. |
| Entrepreneurial resources | The initiative to combine natural, human and capital resources to produce goods or services |
| Goods | Things you can see and touch |
| Human resources (labor) | The people who contribute physical and mental energy to the production process. |
| Natural resources | Natural resources are raw materials supplied by nature that come from the earth, the water, or the air and are used to produce goods |
| Needs | Things that are necessary for survival, such as food, clothing, and shelter |
| Public goods | Things that are needed and provided by a community and are equally accessible to everyone. |
| Resources | are needed to produce the goods and services wanted by consumers |
| Renewable resources | Are resources that can be replaced (unlimited) |
| Nonrenewable resources | are resources that cannot be replaced (limited) |
| Scarcity (basic economic problem ) | The problem which faces individuals, businesses, and governments of satisfying unlimited wants with limited resources. |
| Services | Things that satisfy our wants through the efforts of other people or equipment |
| Values | The beliefs and principles you consider important, correct, and desirable; the ideals in life that are important to you; principles by which a person lives |
| Wants | Things that are not necessary for survival but that add comfort and pleasure to our lives. |
