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Natural Resources
All gifts of nature used to produce goods and services; includes renewable and exhaustible resources.
Gifts of Nature
Natural resources and environmental conditions that are available for human use without the need to modify them significantly.
Scarcity
A fundamental economic problem of having seemingly unlimited human wants in a world with limited resources, making rationing necessary.
Goods and Services
Goods and services constitute the output of an economy's production activities; goods are tangible products, while services are intangible benefits or functions sold to consumers.
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