CH 14-15 vocab economics

Question 1

Benefit

Answer 1

something that is an advantage/good

Question 2

consequence

Answer 2

the natural logical result of an action

Question 3

cost

Answer 3

the price aquierd to maintain things produce or own things.

Question 4

future consequence

Answer 4

are delayed results of the choices you make

Question 5

individual

Answer 5

signal separate

Question 6

present consequence

Answer 6

are the immediate results of the choices you make

Question 7

scarcity

Answer 7

Not enough resources produced or purchased all the goods and services that people want or need

Question 8

production

Answer 8

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

Question 9

consumption

Answer 9

is the use of goods and services

Question 10

productive reasources

Answer 10

are the materials and laborers used to create goods and services

Question 11

human reasources

Answer 11

are the talents and skills of entrepreneurs and skilled laborers that contribted to the production of goods and services the talents and skills of scientst factory workers and entrepreneurs are example of human resources

Question 12

capital goods

Answer 12

human made matirals needed to produce goods and services examples of capital goods include building, machinery, equipment, and tools.

Question 13

natural reasources

Answer 13

are productive resources supplied by nature examples include ores trees and arable land that is good for growing crops

Question 14

entrepreneurship

Answer 14

a person who organized resources to bring a new or better good or service to market in hopes of making a profit.

Question 15

specialization

Answer 15

the cosentration of production on fewer kinds of goods and services than are consumed