| A | B |
|---|
| needs | items that are essential to everyday life |
| wants | items or services that improve the quality of one's life |
| goods | tangible items that are obtained through the exchange of currency for a product |
| services | intangible items that are obtained through the exchange of currency for a product |
| economic resources | a good or service that is acquired by an entity that is expected to provide future benefits |
| scarcity | a small or inadequate amount |
| economic decision making | a six step process on deciding matters of the economy |
| tradeoff | an exchange that occurs as a compromise |
| opportunity cost | the loss of potential gain from other alternatives when one alternative is chosen |
