Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


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.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know (0)
Remaining cards (0)
Know (0)
0:00
share
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

Econ vocab #2

Econ Vocab

TermDefinition
Traditional Economy Economy based on a society's values
Command Economy Relies on government officials to answer the three basic economic questions (central planners)
Market Economy The government has no say in what, how,and for whom goods and produced
Market Place of free exchange of goods and services
Self-intrest Impilse that encourages people to fulfill their needs and wants.
Incentives Something that encourages you to behave in a particular way.
Mixed Economy Combines elements of traditional, market, and command economy. Authoritarian socialism, capitalism, and democratic socialism.
authoritarian socialism or communism government owns and controls nearly all the factors of production
capitalism individualsown the factors of production and answer the basic economic questions
Democratic socialism the government owns some of the factors of production
Free enterprise a system under which business can be conducted freely with little government intervention
Private property Goods that are owned by individuals and by businesses, rather than by the government
contracts individuals have the right to enter into agreements with one another to buy and sell goods and services
competition economic rivalry that exists among businesses selling the same or similar products
voluntary exchange when producers and consumers unconditionally purchase and sell products, and they believe that the opportunity costs of such a trade are acceptable to both parties
product market exchanges of goods and services in the economy
resource market represents the exchange of resources between households and businesses firms and the government, who are the users of the resources
income the money paid to households by businesses firms and the government in exchange for the households' resources
full employment lowest possible level of unemployment in the economy
price stability achieved when the overall price level of the goods and services available in the economy is relatively contrast
standard of living refers to people's economic well-being
Created by: 156855
 

 



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