lots of economics in S.S Flashcards
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Consequence
The natural and logical result of an action
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 entrepreneurship to make goods and services
Consumption
The use of goods and services
Entrepreneur
A person who organizes resources to bring a new or better good or service to market in hopes of making a profit.
Specialization
The concentration of production on fewer kinds of goods and services than are consumed .
Productive Resources
The materials and labor used to create goods and services
Natural Resources
Productive Resources supplied by nature like trees, ores, and land
Human resources
The talents and skills of entrepreneurship and skilled laborers that contribute to the production of goods and services.The talents and skills of scientist, factory workers, and entrepreneurs
Benefit
What you gain as a result of a decision
Cost
what you give up as a result of your decision
Future Consequence
The delayed results of your choices
Present Consequence
The immediate result of your choices
Individual
To have one single thing
capital goods
The human made materials needed to produce goods and services
