Ch 15 Productive Resources

Materials and labor to create goods and services are called

• production

• productive resources

• natural resources

• consumption

A person who organizes resources to bring a new or better good or service to market in hopes of making a profit

• consumer

• producer

• entrepreneur

• resource

Human-made materials needed to produce goods and services

• Capital goods

• human resources

• natural resources

• entrepreneurship

Resources found in nature such as trees, soil, and water

• human resources

• capital resources

• natural resources

• manufactured goods

Act of combining resources with entrepreneurship to make goods and services

• production

• consumption

• resources

• goods

Use of goods and services

• production

• consumption

• capital goods

• human services

Talents and skills of entrepreneurs and skilled laborers that contribute to production of goods and services

• human resources

• capital goods

• natural resources

• entrepreneuship

Concentration of production on fewer kinds of goods and services that are consumed

• production

• consumption

• specialization

• trade

Choosing one thing and others are given up

• specialization

• productivity

• entrepreneurship

• opportunity cost

Not enough resources to produce or purchase all the goods and services people want or need

• production

• opportunity cost

• scarcity

• consequence