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.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
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 1

Consumers

TermDefinition
Command economy Insurance that pays for damage to your car caused by colliding with another car or object
consumer Anyone who buys or using products
demand The quantity of a good or service that consumers are willing and able to buy at various prices during given time period
Economics The study of how economic system work
Equilibrium Price The price at which the quantity supplied exactly equals the quantity demanded of a product
Market Economy Economic system in which the people, rather than the government, own the resources and run the businesses
Mixed Economy An economic system that has characteristics of a market and a command economy
Opportunity Cost The value of your next next best alternative whenever you make a choice
Profit The difference between the money received from selling a product and the cost of producing that product
Scarcity The basic economic problem that consumers' wants are always greater than the resources available to satisfy those wants
Supply The quantity of a product that producers are willing and able to make available for sale at various prices over a given time period
Traditional Economy An economic system in which produced methods are passed from one generation to the next
Created by: pichardoa4