11
Lesson 11 of 84 · Economics
Natural Resources and the Economy
Natural resources — water, timber, minerals, oil — are raw materials economies depend on. Countries with abundant resources often build industries around extracting them.
Key Facts
1
Needs are different from wants.
2
Supply and demand affect prices.
3
Trade connects people globally.
Check Your Understanding
Question 1
1 of 2What is the difference between needs and wants?