WANTS - Desired but not required for survival, NEEDS - Required for survival, FACTORS OF PRODUCTION - Resources used in producing goods and services, PRODUCERS - Those that make/grow/supply goods and services, CONSUMERS - Those that buy/use goods and services, SCARCITY - Limited resources matched with unlimited wants, INCENTIVE - A motivational stimulus, UTILITY - Measurement of satisfaction or usefulness,

Fundamentals of Economics- VOCAB

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