| A | B |
|---|
| Wants | The desire for things we wish we could have. Not required for survival |
| Needs | Necessary wants. Things we need to survive. (ie. food, shelter, clothing) |
| Goods | Items we may buy or someone else may buy for us. |
| Services | Tasks that people or machines perform. |
| Resource | Anything that people can use to make or obtain what they need or want. |
| Decision making | The process of determining which wants and needs will be met at a particular time. |
| Priorities | Determine the order of importance of doing hings at a particular time. |
| Opportuity cost | What you give up when you make one choice instead of the another. |
| Values | Things that you prize or think are important. |
| Goals | Aims or objectives. |
| Economic resources | The goods ad services a society can produce depends on ____. |
| Natural resources, Human resources, Capital resources | Factors of production |
| Natural resources | Things that come from the air, water, or earth. |
| Nonrenewable resources | Resources that cannot be replaced or renewed. |
| Renewable resources | Resources that renew themselves. |
| Human resources | The people who contribute physical and metal energy to the production process. |
| Labor | Human resources is also called this. |
| Labor force | This is made up of all the people 16 years of age or older who have jobs or are actively looking for jobs. |
| Capital resources | These are all the items other than natural resources that are used to produce goods and services. |
| Scarity | The lack of something that can be used to satisfy all the wants of a group of people. |
