14/15 fc for SS

Question 1

Benefit

Answer 1

is what you gained as the result of a decision you make

Question 2

consequence

Answer 2

the natural logical result of an action

Question 3

cost

Answer 3

is what you give up as the result of a decision you make

Question 4

future consequence

Answer 4

they are the delayed results of the choices you made.

Question 5

individual

Answer 5

single, separate

Question 6

Present Consequence

Answer 6

are the immediate results of the choices you make.

Question 7

scarcity

Answer 7

not enough resources to produce or purchase all of the goods and services people want and need

Question 8

production

Answer 8

is the act of combining productive resources with entrepreneurship to make goods and services.

Question 9

consumption

Answer 9

is the use of goods and services

Question 10

Productive Resources

Answer 10

are the materials and labor used to create goods and services

Question 11

human resources

Answer 11

are the talents and skills of entrepreneurs and skilled laborers that contribute to the production of goods and services

Question 12

capital goods

Answer 12

are the human made materials needed to produce goods and services.

Question 13

natural resources

Answer 13

are productive resources supplied by nature

Question 14

entrepreneurship

Answer 14

happens when someone has an idea for starting a new business

Question 15

specialization

Answer 15

the concentration of production on fewer goods and services that are consumed