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.

What is Economics?

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
        Help!  

Question
Answer
What is the study of economics?   Economics is a social science concerned with how limited resources are used to satisfy peoples' unlimited wants.  
🗑
What is an example of economics?   The additional workers (resources) available when the population grows will increase economic output.  
🗑
What is scarcity?   the limited resources for production relative to the demand for goods and services  
🗑
Another name for the Productive Resources of land, labor, and capital.   factors of production  
🗑
What is land?   all natural resources, fields, forest, mineral deposits, sea, or nature related/made products  
🗑
What is labor?   all human resources, manual, clerical, technical, professional, and managerial labor  
🗑
What is capital?   production or man made products, also financial capital or money to acquire factors of production  
🗑
An entraperneurs are__________.   individuals who see the possibility for profitable production and organize the resourses to produce a good or service  
🗑
What is the body of skills and knowledge that comprises the processes of production?   technology  
🗑
What is the money to acquire the factors of production called?   financial capital  
🗑
What is the scientific method?   a procedure used by scientists to develop explanations for events and test the validity of those explanations  
🗑
The first step of the scientific method is_______.   to observe an event under certain conditions  
🗑
The second step of the scientific method is_______.   to devise a hypothesis(explanation) that accounts for an event.  
🗑
What is a hypothesis?   a tentative explanation of an event; used as a basis for further research.  
🗑
What is the third step of the scientific method?   testing the hypothesis by gathering additional information and observing whether a repeat of the condition assumed by the hypothesis leads to the same result  
🗑
What is the fourth step of the scientific method?   tentatively accepting, revising, or rejecting the hypothesis, depending on whether it correctly predicts a repetition of the event under those conditions  
🗑
What is economic reasoning?   the application of theoretical and factual tools of economics analysis to explaining economic developments or solving economic problems  
🗑
What is a production or consumption good that does not have direct cost?   Free good  
🗑
What is any good or service that sells for a price; that is, a good that is not free?   Economic good  
🗑


   

Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
 
To hide a column, click on the column name.
 
To hide the entire table, click on the "Hide All" button.
 
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
 
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.

 
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
Created by: Selynra
Popular Miscellaneous sets