The document defines four key economic concepts: needs and wants, goods, services, and natural resources. It provides examples for each concept. Goods are tangible products that can satisfy wants and needs. Services are activities consumed at the time of production and must be provided to satisfy wants and needs. Natural resources are raw materials supplied by nature, like oil, minerals, and resources used for food and timber. People and the products/money used in production are also important for generating goods and services.

1. Chapter 1 Sydney Marshall Economic Systems

2. Needs and Wants Wants Vacation, Trip to Hawaii New Car, Mercedes New Puppy Needs Food, Water Transportation, Car Shelter, House

3. Goods are things you can see and touch. They are the products you can purchase to meet your wants and your needs. Example(s): An apple from the store. New clothes.

4. Services are the activities that are consumed at the same time they are produced. Intangible (no physical characteristics) You use them to satisfy wants and needs however, they must be provided for you at the time you want to consume them. Example(s): restaurant service the mailman

5. Natural Resources are raw materials supplied by nature. Examples: The Earth contains oil, minerals, and the nutrients to grow crops and timber to feed animals. Rivers, lakes, and oceans are the source of both food and water .

6. People producing goods and services. Examples: (Chicken Noodle Soup) = Farmers raise livestock and crops, Factory workers and managers use equipment designed by engineers and manufactured by other businesses to process the food. ~Truck Drivers ~Sales people ~Advertisers ~Grocery store employees

7. The products and money used in the production of goods and services Example: money, trucks, buildings, equipment, and supplies