economics Flashcards
Benefit
an advantage or profit gained from something.
Consequence
a result or effect of an action or condition
cost
of an object or action) require the payment of (a specified sum of money) before it can be acquired or done.
Future Consequence
a consequence occurring in the future
Scarcity
the demand for a good or service is greater than the availability of the good or service
Production
the process by which different inputs, including capital, labor, and land, are used to create outputs in the form of products or services.
Consumption
the use of goods and services by a household
Productive Resources
the natural, human, and capital re- sources used to make goods and services
Capital Goods
a physical product that is used in the production of another product or the delivery of a service and is not used within a year
Natural Resources
materials and energy that occur naturally and are used in economic activities
Entrepreneurship
the process of starting and launching a business and includes the willingness and ability to take on that business risk
Specialization
the process of an organization concentrating its labor and resources on a certain type of production to be more efficient and create a comparative advantage for an economy
