Chapters 14-15 Vocab. Flashcards
(15 cards)
consequence
the natural, logical result of an action
scarcity
not enough resources to produce or purchase all the goods and services that people need or want
human resources
the talents and skills of entrepreneurs and skilled laborers that contribute to the production of goods and services
capital goods
the human-made materials needed to produce goods and services
natural resources
productive resources supplied by nature
entrepreneurship
happens when someone has an idea for starting a new business
production
the act of combining productive resources with entrepreneurship to make goods and services
consumption
the use of goods and services
entrepreneur
a person who organizes resources to bring a new or better good or service to market in hopes of making a profit
productive resources
the material and labor used to create goods and services
specialization
the concentration of production on fewer kinds of goods and services than are consumed
cost
what you give up as a result of a decision you make
benefit
what you gain as a result of a decision you make
future consequence
the delayed results of a choice you make
present consequences
the immediate results of the choices you make
