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

Chapters 1&2

Macro Midterm #1

What are the Three Principles of Economics? 1. People are rational. 2. People respond to incentives. 3. Optimal decisions are made at the margin.
What does it mean that optimal decisions are made at the margin? Any action is continued up to the point where MB=MC.
Non-satiation Principle More is always preferred to less.
3 Questions of Economics 1. What will be produced? 2. How will it be produced? 3. Who will receive the Goods and Services
Positive Analysis concerned with what is
Normative Analysis Concerned with what ought to be
Five Factors of Production 1. Natural Resources 2. Labor (# of workers) 3. Physical Capital (tools & machines) 4. Human Capital (skills) 5. Entrepreneurship (someone who is willing to work for the risk)
Created by: cindysmile79



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