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