Chapter 1 Economic Decisions HHS

Things not necessary for survival but which add comfort and pleasure to our lives

• needs

• wants

• goods

• services

things that are necessary for survival

• labor

• wants

• goods

• needs

natural

human

capital

• goods

• services

• economic resources

• economic problems

the means through which goods and services are produced

• economic resources

• services

• decision making

• wants

things that satisfy our wants through the efforts of other people or equipment

• small business

• simple interest

• services

• securities

another name for products - things you can see or touch

• wants

• services

• resources

• goods

raw materials supplied by nature

• natural resources

• services

• capital resources

• labor

people who work to produce goods and services

• labor

• human resources

• factors of production

• scarcity

tools, equipment, and buildings that are used to produce goods and serves

• life factor

• capital

• capital resources

• goods

another word for scarcity

• garbage

• decisions

• basic economic problem

• human resources