Economics Flashcards
(15 cards)
Benefit
what you gain as the result of a decision you make
Consequence
something that happens as a result of an action
Future Consequence
the delayed results of the decisions you make
Present Consequence
the immediate results of the decisions you make
Cost
what you give up as the result of the decisions you make
Scarcity
not enough resources to produce and purchase all the goods that are wanted or needed
Production
the act of combining productive resources with entrepreneurship to make goods or services
Consumption
the use of goods and services
Productive Resources
the materials and labor used to create goods and services
Human Resources
The talents and skills of the people with jobs that other people use.
Capital Goods
the things people use to create goods and services
Natural Resources
the resources supplied by nature
Entrepreneurship
when someone has an idea for starting a new business
Specialization
The concentration of production on fewer kinds of goods and services
Individual
single, separate
