Vocabulary for Economics Unit Chapter 14 and 15 Flashcards
(15 cards)
is what you gain as a result of a decision you make
Benefit
the natural logical result of an action
Consequence
is what you give up as a result of a decision you make
Cost
are the delayed results of the choices you make
Future Consequence
a single human being as distinct from a group, class, or family.
Individual
are the immediate results of the choices you make
Present Consequence
not enough resources to produce or purchase all the goods and services that people want or need
Scarcity
is the act of combining productive Resources with entrepreneurship to make goods and services
Production
is the use of goods and services
Consumption
are the materials and labor used to create goods and services.
Productive Resources
are the talents and skills of entrepreneurs and skilled laborers that contribute to the production of goods
Human Resources
are human made material
Capital Goods
a productive recourse made by nature
Natural Resources
a person who organizes resources to bring a new or better good or service to market in hopes or making a profit
Entrepreneurship
the concentration of producers on fewer kinds of goods and services that are consumed
Specialization
