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


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

Economics 3 mp

TermDefinition
Bond a formal contract to repay borrowed money and interest at regular future intervals
Diminishing marginal utility the more units of something that a person aquires, the less eager that person is to buy more
Demand elasticity the extent to which a change in price affects demand
Inelasticity price has very little affect on demand
Law of demand people will be willing and able to buy more of a product at a lower price
Law of supply sellers will be willing to supply more goods for sale when their price goes up
Law of diminishing returns the point where the output is still rising, but at a diminishing rate
Productivity usually refers to labor,
Fixed cost cost that a business incurs even if they produce no product
variable cost a cost that changes when the rate of output changes
depreciation the gradual wearing out of capital goods
price amount of money that people pay in exchange for a unit of good or service
rationing a system in which the government decides everyone's fair share
marker equilibrium quantity of goods demanded equals quantity supplied
surplus situation where quantity supplied is greater than quantity demanded at a given price
shortage situation where quantity supplied is greater than quantity supplied at a given price
equilibrium price neither a shortage nor a surplus, supply
oligopoly few sellers of the same product
monopoly one seller of a product with no close substitutes
natural monopoly situation where costs are minimized by having one large firm provide the product or service
economies of scale the larger a firm grows, the better it uses it's resources
patent an exclusive right to make a product
copyright gives author exclusive right to publish or sell
public goods goods such as highways, police etc that everyone uses
private goods goods consumed by and paid for by a particular person
 

 



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