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

KhalidS@Chap18-19

This is a list of 27 different terms in Chapter 18 and 19 of the Civics textbook

TermDefinition
Economics The study of how we make decisions in a world in which resources are limited.
Microeconomics A field where economists study the behavior and decision making of small units such as individuals and businesses.
Economic System Way of producing the things its people want and need.
Resource The things used in making goods and providing services.
Scarcity It occurs whenever we do not have enough resources to produce all the things we would like to have
Trade-off The alternative you face if you decide to do one thing rather than another.
Opportunity Cost The cost of the next best use of your time or money when you choose to do one thing rather than another.
Marginal Cost The additional cost of producing one additional unit of output.
Marginal Benefit The additional satisfaction or benefit received when one more unit is produced.
Cost-Benefit Analysis A type of decision making where if the costs outweigh the benefits, we should reject the chosen option.
Macroeconomics A field where economists study with the economy as a whole by large units such as governments or whole industries.
Services Work performed for someone else.
Factors of Production Resources necessary to produce goods and services.
Capital The manufactured goods used to make other goods and services.
Entrepreneur An individual who starts a new business, introduces new products, and improves processes.
Gross Domestic Product(GDP) The total value in dollars, of all the final goods and services produced in a country during a single year.
Factor Market The markets where productive resources are bought and sold.
Product Market Markets where producers offer goods and services for sale.
Specialization Takes place when people, businesses, regions, or even countries concentrate on goods or services that they can produce better than anyone else
Economic Interdependence It means that we rely on others, and others rely on us, to provide goods and services.
Capitalism An economic system in which private citizens own and use the factors of production in order to seek a profit
Free enterprise Competition is allowed to flourish with a minimum of government interference
Consumer Sovereignty Describes the consumer as the ruler of the market and the one who determines what products will be produced.
Private Property Rights Rights that mean that we have the freedom to own and use and dispose of our own property, as long as it does not interfere with the rights of others.
Profit Motive The driving force that encourages individuals and organizations to improve their material well-being.
Voluntary exchange The act of buyers and sellers freely and willingly engaging in market transactions
Laissez-Faire Economics The government should not interfere in the marketplace
Created by: knight1030
 

 



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