Economics vocab Flashcards
(15 cards)
Benefit
What you gain as the result of a decision you make.
consequence
Something that happens as a result of a particular action or set of conditions.
cost
What you give up as the result of a decision you make. The money you pay to buy something.
Future Consequence
The delayed results of the choices you make.
Individual
Single, separate
Present Consequence
The immediate results of the choices you make.
Scarcity
Not enough resources to produce or purchase all the goods and services people want or need.
Production
The act of combining productive resources with entrepreneurship makes goods and 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 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. Ex buildings, machinery, equipment, and tools.
Natural Resources
Are productive resources supplied by nature. Ex ores, trees, and Arable land. (land that is good for growing crops)
Entrepreneur
Someone who has an idea for starting a new business.
Specialization
The concentration of production on fewer kinds of goods and services than are consumed.
