Answers:

1. Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.

2. Nation Resources can be categorized on the basis of origin: Abiotic resources comprise non-living things (land, water, air and minerals such as gold, iron, copper, silver). Biotic resources are obtained from the biosphere.

3. Natural resources are materials from the Earth, other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well.

4. Natural resources also are the raw materials for making products that we use everyday from our toothbrush and lunch box to our clothes, cars, televisions, computers and refrigerators.

5.The items the people in Community produced are calledcapital resources.

6. Current asset is any asset which can reasonably be expected to be sold, consumed, or exhausted through the normal operations.

7. Fixed assets is a term used in accounting for assets and property that cannot easily be converted into cash

8. Current assets are short-term assets, which are held for less than a year, whereas Fixed assets are typically long-term assets, held for more than a year.

9. A needis something needed to survive whileA want is something that people desire to have, that they may, or may not, be able to obtain.