Economics 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
individual, 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
Resources that you can benefit from
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. Entrepreneurs use natural resources, human resources, and capital goods to bring innovative goods and services to the market for potential consequences
entrepreneurship
The concentration of production on fewer kinds of goods and services then are consumed
specialization
