| A | B |
|---|
| Choice | When you have more than one option |
| Conflicts of interest | A decision that you make |
| Goods | These are physical products. |
| Need | Products that you have to have in order to survive. |
| Opportunity Cost | The cost of making a choice |
| Products | Goods and services |
| Resources | Used by firms |
| Scarcity | Where we have limited resources but unlimited wants. |
| Services | These are non-physical products. |
| Value judgements | Thoughts or decisions made upon ones own opinion. |
| Wants | Products that we would like to have. |
