Unit 1 SS Vocab-economics

Front

What you gain from a decision.

Back

Benefit

Front

Consequences that may be delayed until later:

Back

Future consequences.

Front

What you give up as a result of a decision.

Back

Cost

Front

People who start businesses and take risks

Back

Entrepreneurs

Front

Immediate consequences

Back

present consequences

Front

Materials and people used to create goods and services

Back

Productive resources

Front

Dependence of people/things on each other

Back

interdependence

Front

Not enough resources to produce or purchase all goods.

Back

Scarcity

Front

Development of skills in a specific work type

Back

specialization

Front

Exchange of goods/services

Back

trade