Chapter 14 and 15 Vocab Flashcards
What you gain as the result of a decision you make.
Benefit
The natural, logical result of an action.
Consequence
What you give up as the result of a decision you make.
Cost
The delayed results of the choices you make.
Future Consequence
Single; separate
Individual
The immediate results of the choices you make.
Present Consequence
Not enough resources to produce or purchase all the goods and services that people want or need.
Scarcity
The act of combining productive resources with entrepreneurship to make goods and services.
Production
The use of goods and services.
Consumption
The materials and labor used to create goods and services.
Productive Resources
The talents and skills of entrepreneurs and skilled laborers that contribute to the production of goods and services.
Human Resources
The human-made materials needed to produce goods and services.
Capital Goods
Productive resources supplied by nature.
Natural Resources
Happens when someone has an idea for starting a new business.
Entrepreneurship
The concentration of production on fewer kinds of goods and services than are consumed.
Specialization
