| A | B |
|---|
| needs | things that are necessary for survival |
| wants | things not necessary for survival but which add comfort and pleasure to your life |
| goods | things you can see and touch |
| services | things that satisfy our wants through the efforts of other people or equipment |
| economic resources | the means through which goods and services are produced |
| factors of production | another name for economic resources |
| natural resources | raw materials supplied by nature |
| human resources | the people who work to make the products or services available |
| Labor | another name for this factor of production or economic resource |
| capital resources | the tools, equipment, and buildings that are used to produce goods and services |
| capital | the money that is needed to run a business is called this |
| basic economic problem | the confilct between unlimited wants and limited resources |
| scarcity | another name for the basic economic problem |
| economic decision making | the process of choosing which wants, among several wants considered, will be satisfied |
