Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

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

chapter 2

traditional economy an economy based on soceitys values
command economy relies on government officials
market economy an economy that relies on specific individuals
market free exchange of goods and services
self-interest purchases based on impulse
incentive something that encourages you to do something
mixed economy combined elements of traditional, market, and command economies
authoritatian socialism communism
capitalism an economy closer to the market model
democratic socialism the government owns some factors of production
free enterprise business conducted freely
private property things a person owns
contracts agreements to buy and sell goods and services
competition rivalries among businesses
product market all exchanges of goods and services
resource market exchange of resources
income money paid in exchange for house hold resources
full employment lowest possible level of unemployment
price stability prices of goods remain constant
standard of living peoples economic well being
voluntary exchange when producers and consumers unconditionally purchase and sell products, and they believe that the opportunity costs of such trade are acceptable to both parties
communism government owns or controls nearly all factors of production
Created by: econ123



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