| A | B |
|---|
| needs | things that are required in order to live…they are essential |
| wants | things that add comfort and pleasure to your life…they add to your quality of life |
| goods | things that you can see and touch |
| services | activities that are consumed at the same time they are produced…they are intangible (no physical characteristics) |
| economic resources | the means through which goods and services are produced |
| natural resources | Raw materials supplied by nature…oil, minerals, lumber, fish |
| human resources | the people who produce goods and services…engineers, factory workers, farmers, accountants |
| Entreprenuer | someone who takes a risk in starting a business to earn a profit |
| capital resources | the tools and equipment and money used in the production of goods and services…buildings, supplies, equipment, money to build a factory, money to pay employees |
