A good or service which is essential to living.

(a)  

A good or service which people would like, but is not essential for living.

(a)  

The resources needed to produce goods and services - land, labor, capital, and enterprise.

(a)  

The benefit that could have been gained from an alternative use of the same resource.

(a)  

People and businesses concentrate on what they are best at.

(a)  

Non-tangible products such as teaching and transporting.

(a)  

Products which are sold to the final consumer. They can be seen and touched.

(a)  

Unlimited wants cannot be met because there are limited factors of production. This creates scarcity.

(a)  

There are not enough goods and services to meet the wants of the population.

(a)