Chapter 15 Productive resources and Specilization Flashcards
(14 cards)
What are the 4 productive resources?
Natural resources, human resources, and capital goods.
What are natural resources?
Productive resources supplied by nature.
What are human resources?
The talents and skills of entrepreneurs and skilled laborers that contribute to the production of goods and services.
What are capital goods?
The human-made materials needed to produce goods and services.
What is an entrepreneur?
a person who organizes resources to bring a new or better good or service to market in hopes of making a profit.
What is production?
The act of combining productive resources with entrepreneurship to make goods or services.
What is consumption?
The use of goods and services.
How does specialization develop?
When one region has more of a certain resource then other regions.
How does specialization result in trade?
When one region wants another’s resources because they cannot produce it in their own region.
What is opportunity cost?
The thing you are giving up in order to get something else.
What is specialization?
The concentration of production on fewer kinds of goods and services than are consumed.
What is an example of a human resource?
Scientists, factory workers, or entrepreneurs
What is an example of a capital good?
Buildings, machinery,equipment, and tools
