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
Remaining cards (0)
Know
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

Chapter 1 Vocab

Economics Ch 1 Vocab

TermDefinition
economics the study of how people satisfy unlimited wants with scarce resources
scarcity limited resources
opportunity cost coast for the next best alternative use of money, time or resources
needs things we must have for survival
wants goods and services that bring us satisfaction
factors of production productive resources needed to make goods or provide services
capital tools, equipment, and factories used in the production of goods and services
financial capital money used to buy the tools and equipment used in production
labor people with all their abilities and efforts
entrepreneur risk-taking individuals in search of profits
GDP dollar value of all final goods, services, and structures produced with a country's borders over a one-year period
economic product good or service that is useful, relatively scarce, and transferable
good tangible economic product
service work or labor performed for someone
value worth of a good or service based on the market
utility the usefulness or satisfaction of a good or service
wealth accumulation of economic goods
market a place that allows buyers and sellers to come together
economic growth sustained period during which a nation's total output of goods and services increases
productivity degree to which resources are used efficiently
division of labor separating tasks to be used by different workers
specialization assignment of specific tasks to increase efficiency (usually includes more training)
economic interdependence economic activities in one part of the country or world affect what happens elsewhere
consumer good a good intended for final use by consumers rather than business
factor market market where people earn their incomes
product market market where people use their incomes to buy from producers
standard of living quality of life based on ownership of necessities and luxuries that make life easier
Created by: aemiller
 

 



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