| A | B |
|---|
| Economic decision making | The process of choosing which want, among several wants being considered, will be satisfied. |
| Basic economic problem | The problem which faces individuals, businesses, and governments of satisfying unlimited wants with limited resources |
| Capital resources | Tools, equipment, and buildings used in producing goods and services |
| Economic resources | The means through which goods and services are produced |
| Goods | Things you can see and touch |
| Human resources | People who work to produce goods and services |
| Natural resources | Raw materials supplied by nature |
| Needs | Things that are necessary for survival, such as food, clothing and shelter |
| Services | Things that satisfy our wants through the efforts of other people or equipment |
| Wants | Things that are not necessary for survival but that add comfort and pleasure to our lives. |
