Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

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

Basic Economics

7th grade Humanities Intro to Economics

agricultural production cultivation of crops and livestock for food (milk, veggies, meat, grains,etc.) or related products like clothing
barter trading of good or service for another good or service instead of money payment
climate average temperature and precipitation of a region. In economics, it influences what activities, lifestyles and crops can be supported in this area
consumption using goods and services
cottage industry small scale production of items out of the home, for barter or individual sale
cultures shared beliefs, morals, customs, traditional practices and a common language. All of these together create help create a group's way of life
currency paper money or coin given in payment. Generally country- specific (except for Euro in Europe)
demand how much an item/service is desired at a given time
distribution how people get access to goods and services
economics science that deals with the production, distribution, and consumption of goods and services. Answers the questions of who, how and what will be produced.
exchange of resources natural resources are unevenly distributed across the earth. Cultures must interact with each other to import and export goods.
goods objects that satisfy people's wants
industrial production manufacture of goods from various resources. Ex. : cars, soda, boots
marketplace somewhere buyers and sellers meet and do business
mass production large scale manufacture of goods usually in a factory setting
natural resource resource provided by nature and used in production like timber, water, oil, soil, minerals and animals. These determine what what materials are available for economic production and are unevenly distribute across the globe
profit monetary benefit from the sale of a good (after costs of production and labor are accounted for). This drives a market or capitalistic economy.
production how goods are created and services performed
resource something that is useful
scarcity situation that occurs when wants are greater than our ability to satisfy the wants
services actions that help other people. It would include physical or intellectual activities or tasks ex. carwash, nail salon
shortage situation that results when the quantity demanded is is greater than the quantity produced
subsistent needs the most basic requirements needed to survive. food, shelter, clothing, water
supply how much of a good or service a producers are willing and able to produce at a given time
surplus an overage; more of a good/ service is produced than was demanded
technology designed to increase production and/or efficiency. Ex.: tools, machines, improved materials, plans or procedures that aid in the production of goods and services
topography physical features of the land. This influences how it can be used in production by the people that lived there Ex. flat, fertile soil is ideal for farming
tariff tax on imported goods, a protected one is used to protect the home country's industries from much cheaper foreign competition
quota the amount of product produced in a given amount of time. Example: 10 t-shirts in an hour. This is a motivator in a command economy.
GDP Gross Domestic Product- the total value of all goods and services conducted in a country during a specific time frame
GDP/ PPP The total amount of all goods and services or business in a country divided by its population, aka per person, used as a standard of living indicator
Mixed Economy has characteristics of both market and command. This economy exists on a continuum, The government plays some role in the economy
Market also called capitalism or free market economy. The individual company owner makes all decisions and the government plays no role in the economy, this style is driven by competition
Command also called communism where all decisions about the economy are made by the government
Traditional small-scale economy that features barter and resources are limited by geography, local leader makes decisions about economy
standard of living how comfortable it is to live in a country. The GDP/PPP is used as an indicator of the quality of life in a particular country
Trade War series of retaliatory tactics such as quotas or tariffs designed to help one country's trade and damage another's
Socialism a planned style of economy that allows for individual property ownership but major economic functions are managed by the state
opportunity cost what one gives up when you make a decision. If one chooses a cherry pie, he/she gives up the possibility of a blueberry piece
factors of production capital, labor, entrepreneurship and resources
Created by: YsWords
Popular Economics sets




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