Productive Resources and Specialization Flashcards
(8 cards)
What are the four productive resources?
Human and natural resources, capital goods, and entrepreneurship
What are natural resources?
Productive resources provided or supplied by nature
What are human resources?
The talents and skills of entrepreneurs and skilled laborers that contribute to the production of goods and services.
What are capital goods?
The human-made materials needed to produce goods and services.
What is an entrepreneur?
A person who organizes resources to bring a new or better good or service to the market in hopes of making a profit.
What is production?
The act of combining productive resources with entrepreneurship to make goods and services.
What is consumption?
The use of goods and services.
What is specialization?
The concentration of production on fewer kinds of goods and services than are consumed.
