Busy. Please wait.
Log in using Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

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

Economic Systems

what to ______? How to ______ it? For whom to ______? Produce
Economy The social science that deals with the production, distribution, and consumption of goods and services
Bartering Exchanging one good or service for another
Traditional Based on customs or traditions
Command Government decides what goods are made and how they will be made
Market An economic system based on fee trade and competition (free enterprise, capitalism
Capitalism Economic system in which private owners control the production of goods and profit
How many countries have a pure market economy? Zero: 0
Supply How much people have or how much is available
Demand What or how much people want
Mixed Combination of government and privately owned businesses
GDP (Gross Domestic Product) The value of all of the goods and services produced in a country per year
Standard of Living How well citizens live based on good public services, education, health care, and jobs
Literacy Rate The percentage in a country who can read or write
Specialization Making a living doing what a person does best (mommy: ASL)
Currency Money
Exchange Rate How much on currency is worth in terms of another
Natural Resources Items that come from the world around us that we use for our own purposes
Capital Goods Items that people need to perform their jobs
Human Capital A supply of people who can produce goods and/or services
Entrepreneur People with new ideas that are willing to take risks to start a business and/or make a product
Capital good examples: Bowl and Oven
3 ways to invest in a human capital: Education, training, and health
Tariff tax on imported goods
Quota a limit of how many items a country can import into another
Embargo a stop on all trade
Created by: Megan McGlathery



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