Economics Vocab Flashcards
(13 cards)
single; separate
individual
the natural, logical result of an action
consequence
not enough resources to produce or purchase all the goods people need or want
scarcity
the plan for an entrepreneur to start a new business
entrepreneur
the concentration of production on fewer kinds of goods and services than are consumed
specialization
the act of combining productive resources with entrepreneurship to make good services
production
the use of goods and services
consumption
the human-made materials needed to produce goods and services
capital goods
the talents and skills of entrepreneurs and and skilled laborers that contribute to the production of goods and services
human resources
the materials and labor used to create goods and services
productive resources
the requirement of a payment
cost
an advantage or profit gained from something
benefit
an event that will happen as a result of an action or set of conditions
future consequence
