Save
Busy. Please wait.
Log in with 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
edit
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: Ch. 3-4

Economics Final

TermDefinition
Determinants of Demand Income, utility, substitutes, # of buyers, and complimentary goods.
Determinants of Supply Production, substitutes, future, # of sellers, and market size.
Inelastic Price increases and revenue increases.
Elastic Price increases and revenue decreases.
Demand Market, ability, and willingness to buy things.
Supply Amounts of goods or services sellers are able and willing to produce.
Shifts What happens to supply and demand curves when non-price variables change.
Diminishing Marginal Unity Usefulness decreases as quantity increases.
Elasticity Sensitivity to price.
Normal Goods Increased income leads to increased demand.
Interior Goods Increases income leads to decreased demand.
Price Supports More supply than demand (surpluses).
Price Ceilings More demand than supply (shortage).
Effects of Protective Tariffs Less supply and higher prices - SUPPLY
Effects of Income Taxes Affects income negatively - DEMAND
Law of Downward Sloping Demand We buy less when prices are high and more when things are cheap.
Elasticity for Necessity and Luxury Items Necessity - inelastic Luxury - elastic
Effects of Substitutes Inverse supply/demand relationship.
Effects of Compliments Positive relationship - supply/demand increase/decrease at the same time.
Price and Quantity move toward Equilibrium Decisions of buyers and sellers always pushes towards equilibrium.
Created by: amgraf2015
Popular Economics sets

 

 



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