| A | B |
|---|
| limited resources | basic economic problem that results from a combination of limited resources and unlimited wants |
| needs | something you (literally can't live without |
| Macroeconomics | deals with the economy as a whole and decision making by large units such as governments |
| Microeconomics | deals with behavior and decisions making by small units such as individuals and firms |
| choices | a scarcity of these forces one to choose |
| temporary | not permanent |
| wants | something one thinks they need, but can't live without |
| economics | study of how individuals, families, businesses and societies use limited resources to fulfill their unlimited wants |
| scarcity | word that describes shortages |
