Ch.14 and 15 vocab Flashcards

1
Q

Benefit

A

what you gain as the result of a decision you make.

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2
Q

Consequence

A

the natural, logical result of an action

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3
Q

Cost

A

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

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4
Q

Future Consequence

A

the delayed results of the choices you make

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5
Q

Individual

A

single, separate

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6
Q

Present Consequence

A

the immediate results of the choices you make

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7
Q

Scarcity

A

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

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8
Q

Production

A

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

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9
Q

Consumption

A

is the use of goods and services

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10
Q

Productive Resources

A

the materials and labor used to create goods and services

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11
Q

Human Resources

A

the talents and skills of entrepreneurship and skilled laborers that contribute to the production of goods and services.

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12
Q

Capital goods

A

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

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13
Q

Natural Resources

A

the productive resources supplied by nature

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14
Q

Entrepreneurship

A

it happens when someone has an idea for starting a new business

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15
Q

Specialization

A

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

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