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


Word study from the ECON 1 standard

Supply The quantity of a good or service producers are willing and able to sell at a specific price
Demand The quantity of a good or service consumers are willing and able to purchase at specific prices
Equilibrium price The price at which the quantity demanded is the same as the quantity supplied
Industry A term for any group of businesses; for example, the fashion industry
Firm A company; A business
Competition The struggle among businesses for the dollars of consumers
Market A place or way buyers and sellers are brought together to do business
Resources A source of economic wealth, like minerals, land, and labor
Quantity supplied The amount of a good firms choose to sell at a single price
Quantity demanded The amount of a good consumers choose to buy at a single price
Substitutes Goods that can replace each other; an increase in the price of one good will increase the demand for the other
Compliments Two goods that are used together, so that supply and demand for each tend to move in tandem
Efficiency using resources to the maximum benefit with as little or no waste as possible
Shortage a situation where there is not enough of a good or service; demand is larger than supply
Surplus a situation where there is too much of a good or service; supply is larger than demand
Price floor A minimum price for a good or service
Price ceiling A maximum price for a good or service
Goods physical objects that can be touched
Services actions or activities that one person performs for another
Public A good or service provided by the government for all citizens to use
Externalities The economic side effect of a good or service that affects people not involved as sellers or consumers
Monopoly A market dominated by a single seller
Created by: markleyj



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