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

Economic Terms

A summary of key concepts from the history of economic thought

Fiscal Policy Any action taken by the government which alters current revenue & exp
Monetary Policy Actions taken by the ECB which influences the money supply, interest rates and availability of credit.
Consumer Surplus The difference between what a consumer actually pays for a good and the maximum which he/she would have been willing to pay rather than going without it.
Price Elasticity of Demand (PED) Shows how sensitive or responsive demand is to a change in the price of the good itself.
Cannons of Taxation Fair tax system; equity, economy, certainty & convenience
Free Trade Without tariffs/tax, markets operate effectively & trade will be spread between nations
Laissez-faire No government intervention except for defense/justice.
Iron Law of Wages An increase in wage above subsistence level = increase in population = increase in supply of labour =decrease in wage
Protectionism When tariffs/tax is used to make imports dearer and when subsidies are used to make exports cheaper.
Economic Rent Food produced on good land earned a surplus over that produced on inferior land. This surplus led to an increased rent payable for the use of good land.
Law of Comparative Advantage A country should specialise in the production of those goods in which it is relatively most efficient and trade for the remainder of it’s requirements.
Say’s Law “Supply creates it’s own demand”.
The Multiplier Shows the relationship between an initial injection into the circular flow of income and the eventual total increase in national income.
Liquidity Preference Theory The 3 reasons (motives) for holding money, are: transactionary, precautionary , speculative
Created by: pdsteconomics
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