ECONOMICs Flashcards
Benefit
what you gain as a result of a 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
the delayed results of the choices you make
individual
a single human being, as distinguished from a group.
present consequence
the immediate results of the choices you make
scarcity
not enough resources to produce or purchase all the goods that people want or need
production
the act of combining productive resources with entrepreneurship to make goods and services
consumption
the use of goods and services
productive resources
the materials that are used to create goods and services
human resources
the talents and skills of skilled workers that contribute to the production of goods and services
Capital goods
the human made materials used to make goods and services
Natural resources
the productive resources supplied by nature
Entrepreneurship
what happens when someone has an idea for starting a new business
specialization
the concentration of production on fewer kinds of goods and services than are consumed
