#1 Econimics Flashcards
what you gain as the result of the decision you make
benefit
a logical result to a action
consequence
what you give up as the result of the decision you make
cost
delayed results of decisions you make
future consequence
single
individual
immediate results of the choices you make
present sequence
not enough resources to produce of purchase all the services that people want or need
Scarcity
the act of combining resources with entrepreneurship to make goods and services
production
the use of goods and services
consumption
the labor and materials used to make goods and services
productive resources
human made materials needed to produce goods and services
capital goods
the talents and skills of entrepreneurs and skilled labors that contribute to the production of goods and services
human resources
productive resources from nature
natural resources
happens when a person has an idea to start a new business
entrepreneurship
the concentration of productions of fewer types of goods and services
specialization
