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HLWW BNU Ch. 1 Vocab

Vocabulary for Chapter 1 -- Business & Your

TermDefinition
Needs Things that are necessary for survival.
Wants Things that are not necessary for survival but which add comfort and pleasure to our lives.
Goods Things you can see and touch.
Services Wants that are satisfied through the effort of other people or by equipment.
Economic Resources/Factors of Production The means through which goods and services are produced.
Natural Resources The raw materials supplied by nature.
Human Resources/Labor The people who work to produce goods and services.
Capital Resources/Capital The tools, equipment, and buildings that are used to produce goods and services.
Basic Economic Problem/Scarcity The conflict between unlimited wants and limited resources.
Economic Decision Making The process of choosing which wants, among several wants being considered at a certain time.
Created by: dkcgtjs
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