Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Econ. Ch. 1 Vocab.

QuestionAnswer
Economics the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants.
Microeconomics deals with behavior and decision making by small units such as individuals and firms.
Macroeconomics deals with the economy as a whole and decision making by large units such as governments.
Scarcity means that people do not and cannot have enough income and time to satisfy their every want.
Factors of production resources needed to produce goods and services.
Land economically, refers to natural resources that exist without human intervention.
Labor Any work people do to produce goods and services, often called a human resource.
Goods tangible items that people can buy, such as medicine, clothing, or computers.
Services activities done for others for a fee.
Productivity greater quantities of goods and services are produced in better and faster ways.
Entrepreneurship the ability of individuals to start new businesses, introduce new products and processes, and improve management techniques.
Technology any use of land, labor, and capital that produces goods and services more efficiently.
Trade-off exchanging one thing for another.
Production possibilities curve shows the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
Economy all the activity in a nation that together affects the production, distribution, and use of goods and services.
Microeconomics deals with behavior and decision making by small units such as individuals and firms.
Macroeconomics deals with the economy as a whole and decision making by large units such as governments.
Scarcity means that people do not and cannot have enough income and time to satisfy their every want.
Factors of production resources needed to produce goods and services.
Land economically, refers to natural resources that exist without human intervention.
Labor Any work people do to produce goods and services, often called a human resource.
Goods tangible items that people can buy, such as medicine, clothing, or computers.
Services activities done for others for a fee.
Productivity greater quantities of goods and services are produced in better and faster ways.
Entrepreneurship the ability of individuals to start new businesses, introduce new products and processes, and improve management techniques.
Technology any use of land, labor, and capital that produces goods and services more efficiently.
Trade-off an exchanging of one thing for another.
Production possibilities curve shows the maximum combinations of goods and services that can be produced from a fixed amount of resources in a given period of time.
Economy all the activity in a nation that together affects the production, distribution, and use of goods and services.
Economic models models that can help explain and predict economic behavior.
Hypothesis an educated guess or prediction.
Created by: hcmeek
Popular Business sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards