| A | B |
|---|
| Needs | Things that are necessary for survival |
| Wants | Things not necessary for survival but which add comfort and pleasure to our lives |
| Economic Decision Making | Process of choosing which wants, among several wants will be satisfied. |
| Capital | Used in place of capital resources and includes money |
| Natural Resources | Raw materials supplied by nature |
| Basic Economic Problem | Unlimited Wants and Limited Resources |
| Capital Resources | Tools, equipment and building used to produce goods and services |
| Labor | Another name for Human Resources |
| Scarcity | Another word for Basic Economic Problem |
| Economic Resources | The means for which goods and services are produced |
| Human Resources | People who work to produce goods and servicess |
| Goods | Things you can see and touch |
| Services | Offered for a fee. |
| Factors of Production | Another term for Economic Resources |
| Products | Another word for goods |
