ss chap 14-15 Flashcards
(15 cards)
Benefit
what you gain as the result of a decision you make.
Consequence
the natural, logical result of an action.
Cost
what you give up as the result of a decision you make.
Future Consequence
are the delayed results of the choices you make
Individual
single, seperate
Present Consequence
are the immediate results of the choices you make
Scarcity
not enough resources to produce or purchase all the goods and services that people want or need.
Production
is the act of combining productive resources with enturpenuership to make goods and services
Consumption
is the use of goods and services
Productive Resources
the matirels and labor used to create goods and services
Human Resources
are the talents and skills of entupernurs and skilled labores that contribute to the production of goods and services.
Capital Goods
the human- made materials needed to produce goods and services.
Natural Resources
are productive resources supplied by nature.
Entrepreneurship
happens when someone has an idea for starting a new besnises
Specialization
the concentration of production on fewer kinds of goods and services than are consumed
