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