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
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.
Production
The use of goods and services.
Consumption
Materials and labor used to create goods and services.
Productive resources
The talents and skills of entrepreneurs and skilled laborers.
Human resources
The human made materials needed to produce goods and services.
Capital goods
Productive resources 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 that are consumed.
Specialization
