Save
Upgrade to remove ads
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 Basics

General Terms Related to Economics

TermDefinition
Consumers The name for people who buy or use goods and services to satisfy wants and needs
Producers The name for a person or organization that makes goods or services
Demand The name for the quantity of a product that consumer or buyer would be willing and able to buy at any given price
Supply The name for the quantity of goods that a producer or supplier is willing to bring into the market to sell at a given price
Needs The name for something someone must have to live, such as shelter
Wants The name for something someone enjoys must is not required to have to live, such as a cell phone
Goods The name for items that can be bought or sold, that you can usually hold in your hand
Services The name for actions people do for others in exchange for payment, such as washing cars
Natural Resources The name for the types of resources that are gifts of nature that can be used to make products (including water, minerals, or trees)
Human Resources The name for the people who perform the work or labor) that a business needs to operate well (Note: NOT Employees)
Capital Resources The name for the manmade things businesses use and need to make money, (including buildings and machinery) that are not actually sold
Law of Demand When the price of a good or services decreases, as a rule, the consumers will buy more of it.
Law of Supply When the price of a good or services decreases, as a rule, the suppliers will provide less of them
Price The name for the going rate of exchange between buyers and sellers in a market
Example of a Need Food
Example of a Natural Resource Coal
Example of a Human Resource Cashier
Example of a Capital Resource Desk
Example of a Good Car
Example of a Service Mowing Lawns
Created by: Rvanmeter
Popular Social Studies 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