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

Semester Final

term /definition orquestion/ answer
public good a shared good or service for which it would be impractical to make consumers pay individual & exclude nonpayers.
Scarcity limited quantities of resources to meet unlimited wants.
Externality an economic side effect of a good/service that generates benefits/costs to someone other than the person deciding how much to produce/consume.
Competition the struggle among producers for the $ of consumers; the rivalry among sellers to attract customers while lowering costs.
capital any human-made resource that is used to create other goods/services.
macroeconomics the study of the behavior/decision making of entire economics.
demand the desire to own something & the ability to pay for it.
Equilibrium the point at which quantity demanded & quantity supplied are equal.
surplus situation in which quantity supplied is greater than quantity demanded; also known as excess supply.
merger combination of 2 or more companies into a single firm.
deregulation the removal of some govt controls over a market.
profit the financial gain made in a transaction.
market an arrangement that allows buyers & sellers to exchange.
Trade-off an alternative we sacrifice when we make a decision.
opportunity cost the most desirable alternative given up as the result of a decision.
patent a license that gives the inventor of a new product the exclusion right to sell it for a certain period.
laissez-faire the doctrine that states that govt generally should not intervene in the marketplace.
money anything that serves as a medium of exchange, a unit of account, and a store of value.
principal the amount of money borrowed.
stock a certificate of ownership in a corporation.
interest the price paid for the use of borrowed money or money earned by deposited funds.
assets money & other valuables belonging to an individual or business.
FDIC federal deposit insurance corporation, the govt agency that insures customer deposits if a bank fails.
CPI consumer price index, a price index determined by measuring the price of a standard group of goods meant to represent the typical "market basket" of a typical urban consumer.
SEC Securities and Exchange commission, an independent agency of the govt that regulates financial markets & investment companies.
GDP Gross domestic product, the total value of all financial goods & services produced in a particular economy the $ value of all final goods & services produced w/in a country's borders in a year.
GNP Gross national product, the annual income earned by U.S. owned firms & U.S. residents.
APR Annual percentage rate, a financial charge expressed as an annual rate.
Factors of Production Land, labor, capital and entrepreneurship. Entrepreneurs use these resources to make new products that may or may not make them money.
types of economies traditional (Amish), market/free market (united kingdom), capitalism (germany), Command/centrally planned (china), mixed (United states).
types of cost fixed (does not change), variable (rise or fall), total cost( fixed + variable), marginal ( additional cost of producing 1 or more units).
stock exchange A market for buying or selling stock, NASDAQ, AMEX, NYSE.
FICA federal insurance contributions act, taxes that fund social security and medicare.
principles of free enterprice profit motive, open opportunity, economic rights.
social security old age, survivors, and disability insurance, provide benefits to surviving family members of way earners and to people whose disabilities keep them from working.
Created by: Klash23
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