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
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

Economics Vocab

ch1

TermDefinition
Economics the study of the choices that people make to satisfy there needs and wants
Economist a person who studies these economic choices
Microeconomics Study of the choices made by economic actors such as households companies and individual markets
Macroeconomics Examines the behavior of entire economies
Consumers People who decide to buy things
Producers The people who make the things that satisfy consumers needs and wants
Goods Physical objects that can be purchased.
Services Actions or activities that are performed for a fee
Resources Anything that people use to make or obtain what they want or need
Factors of Production Resources that can be used to produce goods and services
Natural Resources Items provided by nature that can be used to produce goods and to provide services
Human Resources Any human effort exerted during production
Capital Resources The manufacturer materials used to create products
Capital Goods Are the building, structures ,machinery, and tools used in the production process
Consumer Goods The goods and services that people buy
Technology The use of technical knowledge and methods to create new products or make existing products more efficient
Entrepreneurship The combination of organizational abilities and risk taking involved in starting a new business or introducing a new product
Entrepreneur A person who attempts to start a new business or introduce a new product
Trade offs The sacrifice of one good in order to purchase or produce another
opportunity costs Value loss by rejecting one use of resources in favor of another
Production Possibilities Curve Graphic representation showing all possible combination of two goods or services that can be produced in a stated period
Exchange Producers and consumers agree to provide one type of item in return for another
Barter People exchange one set of goods for another
Money Any item that is readily accepted by people i return for goods and services
Credit allows consumers to use items before completing payments for the merchandise
Value The worth of a good or service for the purpose of exchange
Utility The usefulness of a good or service that contributes to its values
Self-Sufficiency The ability to fulfill all of the ones needs without assistance
Interdependence The relationship of words mutual reliance and influence among people,businesses,industry,regions and nations
Scarcity The fundamental conditions of economics that results from the combination of limited resources and unlimited wants
Allocate Distribute resources in order to satisfy the greatest number of needs and wants
Productivity The level of output that results from a giving level of input
Efficiency The use of the smallest amount of resources to produce the greatest amount of output
Division Of Labor Assigning a small number of tasks to each worker
Specialization The focus of a worker on only one or a few aspects of production in order to improve efficiency
Created by: dejagilberto
Popular Economics 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