Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

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.
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
remaining cards
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:
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

ECO Topic 3 Pt 2

ECO Topic 3 Vocabulary Pt 2 Pearson 2016

fixed cost a cost that does not change, no matter how much of a good is produced
variable costs a cost that rises or falls depending on the quantity produced
total cost the sum of fixed costs plus variable costs
marginal cost the cost of producing one more unit of a good
operating cost the cost of operating a facility, such as a factory or a store
average cost total cost divided by the quantity produced
subsidy a government payment that supports a business or market
excise tax a tax on the production or sale of a good
regulation government intervention in a market that affects the production of a good
equilibrium the point at which the demand for a product or service is equal to the supply of that product or service
disequilibrium any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market
shortage a situation in which consumers want more of a good or service than producers are willing to make available at a particular price
surplus when quantity supplied is more than quantity demanded
price ceiling a maximum price that can legally be charged for a good or service
rent control a price ceiling placed on apartment rent
price floor a minimum price for a good or service
minimum wage a minimum price that an employer can pay a worker for an hour of labor
inventory the quantity of goods that a firm has on hand
search cost the financial and opportunity costs that consumers pay when searching for a good or service
supply shock a sudden shortage of a good
rationing a system of allocating scarce goods and services using criteria other than price
black market a market in which goods are sold illegally, without regard for government controls on price or quantity
barter the direct exchange of one set of goods or services for another
Created by: cwarsing