| A | B |
|---|
| need | something essential for survival |
| want | something that people desire but not necessary for survival |
| goods | physical objects that someone produces |
| services | actions or activities that one person performs for another |
| scarcity | principle that limited amounts of goods/services available to meet unlimited wants |
| economics | study of how people seek to satisfy their needs/wants by making choices |
| shortage | consumers want more of a good/service than producers willing to make available |
| entrepreneur | person who decides how to combine resources to create goods and services |
| factors of production | resources that are used to make goods and services |
| land | all natural resources used to produce goods and services |
| labor | effort people devote to tasks for which they are paid |
| capital | any human-made resource that is used to produce other goods/services |
| physical capital | human-made objects used to create other goods/services |
| human capital | knowledge and skills a worker gains through education and experience |
