| A | B |
|---|
| Goods and services required to satisfy the basic necessities of life | needs |
| A situation where resources in their economy are not being used to their full potential | unemployment |
| Wants that are generally of benefit to the community as a whole, not just to an individual person | collective wants |
| How a society is able to satisfy its unlimited wants with a limited quantity of resources | economic problem |
| Wants which must be satisfied over and over again | recurrent wants |
| The process by which firms use resources to make goods and services | production |
| A want which is foregone in order to satisfy another want | Opportunity cost |
| A compulsory payment of money which the government imposes on firms or individuals | tax |
| The satisfaction or pleaseure an individual receives from consuming goods and services | utility |
| Goods which are used in the production process to produce more goods and services | capital goods |
