| A | B |
|---|
| want | something one thinks they need, but can live without |
| needs | something you (literally) can't live without |
| choices | what one has to make when faced with unlimited wants and limited resources |
| Macroeconomics | deals with the economy as a whole and decision making by large units such as governments |
| scarcity | word that describes shortages |
| economics | the study of how individuals, families, businesses and societies use limited resources to fulfill their unlimited wants |
| Microeconomics | deals with behavior and decisions making by small units such as individuals and firms |
| limited resources | a scarcity of these forces one to choose |
| scarcity | a word that describes shortage |
