Needs and wants

• The things that people can't survive without are called needs.
• Things that people would like to have, but don't have to have, are called wants.
• Needs and wants affect communities in the way they

  work, where they work, what they buy or sell, and where they buy
• The first two most important needs are physical needs and

  security needs. These are the basic or primary needs.
• Secondary needs are needs on which our survival does not

  depend, and are considered to be wants.
• We have limited resources, which means we don't have

  enough resources to give us everything we need.
• The economic problem asks the question: how can an

  economy's limited resources satisfy people's unlimited

  needs and wants?
• The most valuable resources of any economy are natural

  resources of labour and capital.
• In economics, a country's natural resources of labour,

  capital, land and entrepreneurship are called the factors

  of production.
• In economics, a country's natural resources of labour,

  capital, land and entrepreneurship are called the factors

  of production.