Busy. Please wait.
Log in with Clever

show password
Forgot Password?

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

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.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
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


Business(Economic framework)

What are resources? Things which individuals ,businesses and governments own and use in the production of goods and services E.g, money,buildings,machinery,land and oil
What are scarce/limited resources? Resources that are scarce or limited when there are not enough resources to do all that things that need to be done E.g you have 20 euro but you want something which constists of 50 euro. You have to make choices
What is economics? The study of how individuals,businesses ans governments make choices on how to use their limited or scarce resources
What are wants and needs? Wants are things you would like to have if you had enough resources,needs are things you can do without
What is financial cost? The actual cost of an item you buy
What is opportunity cost? When you make a choice between a number of things you loose the opportunity of having the things you did not choose
What are the factors of production? Land-anything supplied by nature,Labour-human effort put into making something,Capital-money and artificail items e.g machinery,Enterprise-the taking of a risk in bringing the other factors together in hope of making a profit
What is the economic system? The system or way the factors of production are used.In Ireland the system used is a mixed economic system because both the government and private individuals are involved in producing and distributing goods and services
What is economic growth? This occurs when there is an increase in the amount of goods and services produced in a country from one year to the next
What is inflation? An increase in the cost of living from one year to another
How do you claculate the rate of inflation? Difference x 100% over original amount (year 1)
Created by: Chimozukee
Popular Business sets




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:
restart all cards