Busy. Please wait.

Forgot Password?

Don't have an account?  Sign up 

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.

By signing up, I agree to StudyStack's Terms of Service and Privacy Policy.

Already a StudyStack user? Log In

Reset Password
Enter the email address associated with your account, and we'll email you a link to reset your password.

Remove ads
Don't know (0)
Know (0)
remaining cards (0)
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards

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

Chapter 5.1


economics study of how people meet their wants and needs
supply amount of goods or service that is available for use
scarcity having a limited quantity of resources to meet unlimited wants
producer people or businesses that make and sell products
opportunity cost cost of what you give up when you make a choice
consumer people or businesses that buy (or consume) products
demand desire for a certain good or service
incentive factor that encourages people to act in a certain way (ex. money)
marginal cost cost of making one more unit of a product (sets the minimum price for a product)
factors of production the resources people use to make goods and services
three main factors of production land, labor and capital
market clearing price (market price) price in which demand equals supply
What happens to demand when the price of a product goes up? demand will decrease (people will want less of it)
What happens to supply when the price of a product goes up? supply will increase (companies will make more of it)
Created by: henrichfamily