Needs are those things that are necessary for basic living?

Wants are those things you would like to have

A good-is a useful, tangible item, such as a book, a car, or a cellphone

Most goods and services have something called value a term that refers to how much something is worth expressed

For something to have value, it must have utility or the capaeity to be useful and provide satisfaction

An individuals economic resources are their skills, effort, land, or capital, which can provide them with income

Scarcity is a shortage of resources that results in the inability to satisfy all wants at the same time