chap 14 and 15 ss

Question 1

Benefit

Answer 1

is a gain of result

Question 2

Consequence

Answer 2

the natural logic result of an action

Question 3

cost

Answer 3

is what you give up

Question 4

Future Consequence

Answer 4

are delayed results of the choices you make

Question 5

Individual

Answer 5

single separate

Question 6

Present Consequence

Answer 6

are intermediate results of the choices you make

Question 7

Scarcity

Answer 7

not enough resources to produce or purchase all the goods and services

Question 8

Production

Answer 8

is an act of combining resouses

Question 9

Consumption

Answer 9

is the use of goods and services

Question 10

Productive Resources

Answer 10

things made by nature

Question 11

Human Resources

Answer 11

are talents and skills of entreoreneurs

Question 12

Capital Goods

Answer 12

are human made materials

Question 13

Natural Resources

Answer 13

are producive resources supplied by nature

Question 14

Entrepreneurship

Answer 14

happens when somebody has an idea for starting a new buiseness

Question 15

Specialization

Answer 15

the concentration of production on fewer kinds of goods and services