| A | B |
|---|
| needs | Things that are required in order to live |
| wants | Things that add comfort and pleasure to your life |
| Goods | Things that you can see and touch |
| Services | Activities that are consumed at the same time they are produced |
| Economic Resources | The means through which goods and services are produced |
| Factors of Production | This is what Economic Factors are called |
| 3 Kinds of Economic Resources | Natural Resources, Human Resources and Capital Resources |
| Natural Resources | Raw Materials supplied by nature |
| Human Resources | People producing goods and services |
| Entrepreneur | A risk taker who uses resources in an entirely new way to create a new product or service |
| Capital Resources | The products and money used in the production of goods and services |
