This document discusses the basic concepts of needs, wants, goods, services, natural resources, and capital resources. It defines needs as shelter, transportation, and food, while wants are described as a new car, vacation, and Playstation 3. Goods are tangible things like tools and food, while services are things provided to others like what a store offers. Natural resources mentioned are trees, oil, and water, and human resources listed are entrepreneurs, farmers, and truck drivers. Capital resources include buildings, equipment, and supplies.