Since Mac OSX Lion (10.7), it is possible to open a Terminal from a Finder window, similar to "Open Command Prompt" in Windows. The feature is available as a service and is by default disabled, but when enabled, it allows you to click a folder and then perform "Open Terminal", which will launch a terminal window at the specified folder.

To enable the "Open Terminal" service:

From Finder, click the Finder application menu, then under the Services menu, click Services Preferences.Alternatively, open System Preferences, click Keyboard, then Shortcuts and in the left pane, click Services.

In the right pane, scroll down to Files and Folders, and look for New Termi  ...