Vocab for chapter 14-15 economics

Question 1

Benefit

Answer 1

What result you get

Question 2

consequencethe natural, logical result of an action

Answer 2

consequence

Question 3

are the delayed results of the choices you make

Answer 3

Future Consequence

Question 4

are the immediate results of the choices you make

Answer 4

present consequence

Question 5

Single, separate

Answer 5

Individual

Question 6

Little of something

Answer 6

Scarcity

Question 7

is the act of combining productive resources with entrepreneurship to make goods and services

Answer 7

production

Question 8

the use of goods and services

Answer 8

Consumption

Question 9

material and labor to create goods and services

Answer 9

Productive Resources

Question 10

are the talents and skills of and skills of laborers that contribute to goods and services

Answer 10

Human Resources

Question 11

are human-made materials needed to produce goods and services

Answer 11

capital goods

Question 12

are productive resources supplied by nature

Answer 12

natural goods

Question 13

when someone has an idea for a business

Answer 13

Entrepreneurship