Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
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.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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

Business Studies-Junior Cycle-Economics (Intro)

TermDefinition
Economics Economics looks at how people try to make the best use of scarce or limited resources. Economics is the study of scarcity and choice.
Factors of production The main resources available for producing goods and services. Land, Labour, Capital and Enterprise.
LAND- In the 'Factors of production' Resources supplied by nature. E.g. Mountains,The sea, Clean Air/Water
LABOUR- In the 'Factors of production' The people who produce the goods and services. They are paid a wage. E.g. Employees
CAPITAL- In the 'Factors of production' All the man made things that help in the production. E.g. Machinery, Equipment
ENTERPRISE- In the 'Factors of production' The skill of bring the other three factors together. To try and make a profit. E.g. Entrepreneurs, Shareholders, Money
Scarce / Scarcity A limited or small amount of something.
Opportunity cost This is the item that was not chosen when you make a choice.
Economic growth The increase in GNP(National Income) from one year to the next.
GNP Gross National Product- The total income of a country. Also known as national income.
National Income The total income produced in the country in a year.
Inflation This is an increase in the price of goods and services over a period of time.
Demand Pull Inflation Too much demand and not enough goods and services to meet the demand.
Cost Push Inflation The cost of producing the goods increases, this increases the cost to the consumer.
Imported inflation The cost of producing the goods increases, this increases the cost to the consumer.
CPI Consumer Price Index
Consumer Price Index This measures the increase in the cost of living (Inflation)
Deflation This is a decrease in the price of goods and services over time.
Created by: linsher36
Popular Economics sets

 



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