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

Econ words

TermDefinition
Need requirements for survival, such as food, clothing, and shelter
Want a thing we would like to have, such as entertainment, vacations, or an item that makes life comfortable and enjoyable
Scarcity not having enough resources to produce all of the things we would like to have
Trade-off the alternative you face if you decide to do one thing rather than another
Opportunity cost the cost of the next best alternative use of time and money when choosing to do one thing rather than another
Marginal cost the additional or extra opportunity cost associated with an action
Marginal benefit the additional or extra benefit associated with an action
Cost-benefit analysis economic model that compares the marginal costs and marginal benefits of a decision
Gross Domestic Product (GDP) total dollar value of all final goods and services produced in a country during a single year
Standard of living the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
Market free and willing exchange of goods and services between buyers and sellers
Factor markets a market where productive resources are bought and sold
Product markets a market where producers offer goods and services for sale
Profit Motive the driving force that encourages individuals and organizations to improve their material well-being
Competition the struggle that goes on between buyers and sellers to get the best products at the lowest prices
Created by: MCSJCunningham
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