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business chapter1

needs and wants

What are needs? Things that are required in order to live.
What are wants? Things that add comfort and pleasure to your life?
What are goods? Thinkgs that you can see and touch.
What are services? Activities that are consumbed at the same time they are produced.
What are economic resources? The means through which goods and services are produced.
What are natural resources? Raw materials supplied by nature.
What are human resources? Pople producing goods and services?
Who is the largest producer of goods and services in the world? The United States.
What are capital resources? The products and money used in the production of goods and services.
Created by: brittaney