ss economics Flashcards
benefit
something that is advantageous or good; an advantage
consequence
the effect, result, or outcome of something occurring earlier
cost
expense; price paid
future consequence
delayed results of the choices you make
individual
a group considered as a unit
present consequence
immediate results of the choices you make
scarcity
not enough resources to produce or purchase all the goods and services people want and need
production
to produce or make something
consumption
the act of consuming, as by use, decay, or destruction
productive resources
resources used to make goods and servides
human resources
talents and skills of entreprenuers
capital goods
human made materials needed to produce good and services
natural resources
naturally occurring materials such as coal, fertile land, etc, that can be used by humans
entrepreneurship
of running a business with considerable initiative and risk
specialization
the act of specializing, or pursuing a particular line of study or work
