Save
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.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
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 101

a flash cards for some of the economics terms def.

TermDefinition
GDP The total market value of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year.
CPI and GDP price deflator The Consumer Price Index (CPI) and the GDP price deflator represent two alternative measures of the economy's price level and the inflation rate.
labor market A market that exchanges the services of labor resources.
factor market A market used to exchange the services of a factor of production: labor, capital, land , and entrepreneurship.
nominal The actual dollar price of stuff when it's bought or sold.
nominal wage The market wage paid to labor stated in current prices.
nominal GDP The total market value, measured in current prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year.
real GDP The total market value, measured in constant prices, of all goods and services produced within the political boundaries of an economy during a given period of time, usually one year.
national income The total income earned by the citizens of the national economy as a result of their ownership of resources used in the production of final goods and services during a given period of time, usually one year.
income Revenue earned or received by households that can be used for consumption or saving.
inflation A persistent increase in the average price level in the economy.
inflation rate The percentage change in the price level from one period to the next.
investment : The sacrifice of current benefits or rewards to pursue an activity with expectations of greater future benefits or rewards.
market equilibrium The state of equilibrium that exists when the opposing market forces of demand and supply exactly offset each other and there is no inherent tendency for change.
market failure A condition in which a market does not efficiently allocate resources to achieve the greatest possible consumer satisfaction.
monopoly A market structure characterized by a single seller of a unique product with no close substitutes.
allocation The process of distributing resources for the production of goods and services, and of distributing goods and services for consumption by households.
slope A measure of the flatness or steepness of line.
input The resources or factors of production used in the production of a firm's output.
output A generic term for a tangible good or an intangible service that is the end result of the production/resource transformation process.
Created by: omarmoh.om
Popular Business sets

 

 



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