Save
Busy. Please wait.
Log in using Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password

why


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
share
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

american economics

QuestionAnswer
economic how people use limited resources to satisfy their wants and needs
want (luxuries) items, activities, or services that increases one’s quality of life.
need (necessity) the essential things in lkife you cant ive without
factors of production the resources used to produce goods and services
land resources provided by nature
labor the human effort used by workers in the production of goods and services
physical capital the knowledge and skills acquired by a worker through education and experience
Entrepreneurship the effort to coordinate the production and sale of goods and services. take risk and commit time and money to a business without any guarantee of profit
3 basic economic questions What goods and services should be produced? How should we produce them? Who consumes these goods and services?
3 basic economic systems Traditional economy Free market economy Command/centrally planned economy Mixed economy
traditional economic system an economic system that typically involves extensive subsistence farming and relies solely on bartering and trading. Money does not exist
Free market economy an economic system in which the government does not intervene in an attempt to regulate supply, demand, and prices. Idea of laissez faire (leave it alone)
Command and centrally planned economy the government controls all the factors of production and economic decision making
Mixed economy economic system in which the factors of productions and economic decision making are shared between the private sectors (the people) and the government
Created by: scappaturak14
 

 



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