chapter 14 Flashcards
(15 cards)
the natural logical result of an action
consequence
Is the act of combing productive resources with entrepreneurship to make goods or services.
production
the natural logical result of an action
consequence
not enough resources to produce or purchase all the goods and services that people want or need
scarcity
is the act of combing productive resources with entrepreneurship to make goods and services
production
is the use of goods and services
consumption
are talents and skills of entrepreneurs and skilled labors.
human resources
are human made materials needed to produce goods and services
capital goods
are productive resources suplied by nature
natural resources
happens when someone has an idea for starting a new business
entrepreneurship
a person who organizes resources to bring a new or better good.
entrepreneur
is the use of goods and services
consumption
the concentration of production on fewer kinds of goods and services than are consumed
specialization
when individuals try to predict future outcomes
future consequence
lonely or single as one
individual
