ECONOMICS VOCAB Flashcards
Benefit
What you gain as the result of the decision you make
Consequence
The natural, logical result of an action
Cost
What you give up as the result of the decision you make
Future Consequence
The delayed results of the choices you make
Individual
Single, separate
Present Consequence
The immediate results of the choices you make
Scarcity
Not enough resources to produce or purchase all the goods and services 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 and labor used to create goods and services
Human Resources
The talents and skills of entrepreneurs and skilled laborers that contribute to the production of goods and services
Capital Goods
The human-made materials needed to produce goods and services
Natural Resources
Productive resources supplied by nature
Entrepreneur
A person who organizes resources to bring a or better good or service to market in hopes of making a profit
Specialization
Concentration of production on fewer kinds of goods and services than are consumed
