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