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

Economics

Chapters 1-4

QuestionAnswer
When the federal government crafts environmental policies that make it less expensive for firms to follow green initiatives, the policies are consistent with economic incentives.
Economics the study of the choices people make to attain their goals, given their scarce resources.
Marginal an extra or additional benefit or cost of a decision.
Market a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade.
Scarcity One of the basic facts of life is that people must make choices as they try to attain their goals.
Centrally planned economy government decides how economic resources will be allocated.
Market economy decisions of households and firms interacting in markets allocate economic resources.
Equity the fair distribution of economic benefits
Mixed economy an economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources.
Opportunity cost the highest valued alternative that must be given up to engage in an activity.
Consumers, firms, and government Who decides what goods and services will be produced.
Positive analysis concerned with what is
Normative analysis concerned with what out to be
Macroeconomics The study of the economy as a whole, including topics such as inflation, unemployment, and economic growth.
Microeconomics The study of how households and firms make choices, how they interact in markets, and how the government attempts to influence their choices.
Production Possibilities Frontier (PPF) a curve showing the maximum attainable combinations of two products that may be produced with available resources and current technology.
Comparative advantage basis for trade
Household consists of all the individuals in a home
Firms suppliers of goods and services
Entrepreneur someone who operates a business, bringing together the factors of production--labor, capital, and natural resources--to produce goods and services.
Free market exists when the government places few restrictions on how a good or a service can be produced or sold or on how a factor of production can by employed.
Property rights rights individuals or firms have to the exclusive use of their property, including the right to buy or sell it.
Ceteris paribus all else equal
Created by: jae.moore124
 

 



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