| A | B |
|---|
| needs | Things that are necessary for survival, such as food, clothing, and shelter. |
| wants | Things that are not necessary for survival but that add comfort and pleasure to our lives. |
| goods or products | Things you can see and touch. |
| services | Things that satisfy our wants through the efforts of other people or equipment. |
| economic resources | (factors of production) The means through which goods and services are produced. |
| natural resources | Raw materials supplied by nature. |
| human resources | (labor) People who work to produce goods and services |
| capital resources | Tools, equipment, and buildings used in producing goods and services. |
| basic economic problem | (scarcity) The problem which faces individuals, businesses, and governments of satisfying unlimited wants with limited resources. |
| economic decision making | The process of choosing which wants, among several wants being considered, will be satisfied. |
