Chapter 14 and 15 economics

Question 1

Benefit

Answer 1

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

Question 2

consequence

Answer 2

the natural, logical result of an action

Question 3

cost

Answer 3

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

Question 4

Future consequence

Answer 4

are the delayed results of the choices you make

Question 5

present consequence

Answer 5

are the immediate results of the choices you make

Question 6

scarcity

Answer 6

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

Question 7

production

Answer 7

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

Question 8

consumption

Answer 8

is the use of goods and services

Question 9

productive resources

Answer 9

are the materials and labor used to create goods and services

Question 10

human resources

Answer 10

are the talents and skills of entrepreneurs and skilled laborers that contribute to the production of goods and services

Question 11

capital goods

Answer 11

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

Question 12

Natural resources

Answer 12

are productive resources supplied by nature

Question 13

entrepreneurship

Answer 13

happens when someone has an idea for starting a new business

Question 14

specialization

Answer 14

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

Question 15

YOU FINISHED

Answer 15

YAYYYYYY!!!!!!!