| A | B |
|---|
| Want | A desire for something that may or may not be required |
| Economic want | Desires for items that can only be obtained by spending money |
| Noneconomic want | Desires for things that can be obtained without spending money (e.g., fresh air and sunshine). |
| Unlimited | Everyone always has them. That includes individuals, businesses, and governments. |
| Changeable | Wants change. Think of things that children want vs. what teens wants vs. what adults want vs. what senior citizens want. |
| Competing | Everyone must choose which wants to satisfy at any one time because resources are limited. We don’t have enough resources to satisfy all needs at the same time. |
| Goods | Tangible objects that can be manufactured or produced for resale |
| Services | A desire for something that may or may not be required |
| Consumer goods | Tangible items produced for personal use. |
| Industrial goods | Tangible items that will be consumed by industrial users |
| Economic resources | The human and natural resources and capital goods used to produce goods and services |
| Natural resources | Items that are found in nature that are used to produce goods and services. Examples include trees, air, and land. |
| Human resources | People. In economics, they are valued for the physical and mental work that they do to produce goods and services. They include anyone who works |
| Capital goods | : All of the manufactured or constructed items that are used to produce goods and services (e.g., buildings, equipment, transportation systems). |
| Natural resources | There simply are not enough resources available to satisfy everyone. We depend on the earth for practically all of our natural resources. As the world’s population increases, there will be more and more people making use of those resources. As a result, there will be fewer resources per person. |
| Human resources | Only some of the world’s people are willing and able to work. Others, especially those who are young, disabled, or elderly, are not part of the workforce. |
| Capital resources | In some parts of the world, capital resources are limited due to a lack of technology. In under-developed societies, people still use primitive hand tools rather than mechanized machinery to produce goods and services. As a result |
