Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

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.
We do not share your email address with others. It is only used to allow you to reset your password. For details read 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.
Don't know
remaining cards
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

Econ #2

Need A basic requirement for survival
Good A tangible commodity such as a book or car
Consumer good A good intended for final use by a consumer
Capital good A good used to make other goods
Durable good Lasts three or more years when used regularly
Non-durable good Lasts less than three years or less with regular use
Specialization People do what they do best
Division of labor Workers perform fewer tasks more frequently
Free enterprise system The consumer and company make most of the economic decisions
Traditional economy Nearly all economic decisions are based on ritual and habit
Command economy Government makes majority of economic decisions
Market economy People and firms act in their own best interest
Economic Questions What, how, for whom
Capitalism A system in which citizens own the factors of production
Private property The idea that people have the right to control their possessions as they wish
Profit The extent of which you have made or lost money
Mixed economy A combination of command and market economies
Sole proprietorship A business owned and run by one person
Partnership A business owned by two or more people
Corporation A form of business organization that has all the legal rights of the individual
Created by: JacobmSmithLCHS