chapter 14 & 15 social studies Flashcards
Finnish them
is what you give up as the result of a decision you make
Benefit
are the delayed results of the choices you make
Future Consequence
is what you gain as the result of a decision you make
Cost
the natural, logical result of an action
Consequence
single;separate
Individual
are the immediate results of the choices you make
Present Consequence
not enough resources to produce or purchase all goods and services that people want or need
Scarcity
is the act of combining productive Resources with entrepreneurship to make goods and services
Production
is the use of goods and services
Consumption
are the materials and labor used to create goods and services
Productive Resources
are the talents or skills of entrepreneurs and skilled laborers that contribute to the production of goods and services
Human Resources
are the human made materials needed to produce goods and services
Capital Goods
are productive Resources supplied by nature
Natural Resources
a person who organizes resources to bring a new or better good or services to market in hopes of making profit
Entrepreneur
the concentration of production on fewer kinds of goods and services than are consumed
Specialization
