Ch. 15 - Productive Resources and Specialization Flashcards
the act of combining productive resources with entrepreneurship to make goods and services
production
the use of goods and services
consumption
the material and labor used to create goods and services
productive resources
the talents and skills of entrepreneurs and skilled laborers that contribute to the production of goods and services
human resources
the human-made materials needed to produce goods and services
capital goods
the productive resources supplied by nature
natural resources
happens when someone has an idea of starting a business
entrepreneurship
a person who organized resources to bring a new or better good or service to market in hopes of making a profit
entrepreneur
the concentration of production on fewer kinds of goods and services that are consumed
specialization
