The document discusses the basic concepts of economics including scarcity, resources, wants and needs, costs and benefits, and choices. It explains that economics is the study of how to meet unlimited wants and needs with limited resources. It defines the basic resources as natural resources, human resources, capital, and financial capital. It also explains that scarcity means there are not enough resources to fulfill all wants and needs, so choices must be made that involve weighing costs against benefits.

18. Unlimited wants and needs Limited resources Natural, Human, Capital, Financial Scarcity Choices Costs and Benefits = = = + Consequences =