s.s.chp. 14 & 15 Flashcards
S.S. (15 cards)
benefit
what you gain as the result of a decision
consequence
the natural logical result of an action
cost
what you give up as a result of a decision
scarcity
not enough resources to produce or purchase goods and services
human resources
talents and skills of entrepreneurs
productive resources
materials and labor uses to create goods and services
capital goods
human made materials needed to produce things
present consequence
immediate result of decisions
future consequences
delayed results of a decision you make
individual
single ,separate
production
the act of combining productive resources with entrepreneurship to make goods and services
consumption
is the use of goods and services
entrepreneurship
happens when someone has an idea for starting a new business
specialization
the concentration of production on fewer kinds of goods and services and then consumed
natural resource
resources supplied by nature
