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Economic Systems
By: David Palazzo Block 3
Family Needs
• Food• Shelter• Transportation Ex. Car
Wants
• IPod• New guitar• More Pets
Goods & Services
• Goods• Goods are physical things that you can see and touch, they are meant to meet
your wants and needs• Clothes• Shoes
• Services• Services are things that are consumed at the same time as they are produced,
such as haircuts. Services have no physical characteristics. They are intangible. They are also meant to meet your wants and needs.
• Haircut• Cleaning lady
Natural Resources
• Trees• Water• Oil
Human Resources
• Truck Drivers• Factory Workers• Farmers
Capital Resources
• Buildings• Tools• Money
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