chap 14 and 15 vocab Flashcards
Benefit
what you gain as the result of an decision you make.
Consequence
the natural logical result of an action
Cost
what you give up as a result of a decision you make.
Future Consequence
are delayed results of a choices you make.
Individual
Present Consequence
the immediate result of a choose you make
Scarcity
not enough resources to produce or purchase all the goods and services that people want or need.
Production
the act of combining productive resources.
Consumption
thee use of goods and serves.
Productive Resources
the materials and labor used to create goods and serves
Human Resources
Capital Goods
the he-man maid materials used to create good and serves.
Natural Resources
productive resources supplied by nature.
Entrepreneurship
a prison who organized resources to bring a new or better good or service.
Specialization
the concentration of production of fewer kinds of goods and services.
