Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


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
Know
remaining cards
Save
0:01
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:
Retries:
restart all cards
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