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Chapter 1

Vocabulary

TermDefinition
Needs things that require in order to live
Wants things that add comfort and pleasure to your life
Goods things that you can see and touch
Services activities that are consumed at the same time they are produced
Economic Resources the means through which goods and services are produced
Natural Resources raw materials supplied by nature
Human Resources the people who produce goods and services
Entrepreneur risk taker who uses resources in an entirely new way to create a new product or service
Capital Resources products and money used in the production of goods and services
Created by: ray.jordan0411
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