| A | B |
|---|
| Goods | Products; things you can see and touch |
| Services | Things people do for someone else |
| Physical Needs | Things that are necessary for life. |
| Collective Needs | Needs of a group |
| Psychological Wants | Things that will give a person greater comfort |
| Natural Resources | Things found in nature |
| capital resources | Things made by people and used to make more. |
| Human Resources | Labor (work) |
| Scarcity | Needs or wants are greater than available resources |
| Adam Smith | Father of modern Economics |
| Output | What a country produces |
