Scarcity refers to having unlimited wants when resources are limited or not being able to have all the goods and services that you want.
Goods and Services
A Good is an object that people want that they can touch or hold. A Service is an action that a person does for someone else.
Specialization is a way people produce more goods and services using the same amount of resources.
Producers and Consumers
Producers are people who make goods and services. Consumers are people who buy goods and services.
Economic Needs vs. Wants
Economic Wants are desires that can be satisfied by consuming a good, service, or leisure activity. Economic Needs are goods and services that are essential to our lives.
Human Resources are the people who work to produce goods and services
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