Save
Busy. Please wait.
Log in using Clever
or

show password
Forgot Password?

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

Important Economic Vocabulary

TermDefinition
Scarcity People do not have enough resources to satisfy all their wants
Trade off A compromise to give up one thing in order to get another
Allocate Distribute or give out
Specialization When an area makes only a few goods that they have the best resources to make
Literacy Rate Percentage of population that can read
Life Expectancy How long someone is predicted to live
Imports Goods that a country buys and ships IN
Exports Goods that a country sells and ships OUT
Gross Domestic Product The value of all the goods and services produced within a country
Supply How much producers will make
Demand How much consumers will buy
Refinery A factory that processes petroleum for use as fuel
Competition When two or more sellers sell the same good or service
Price Supply and demand interact to determine this.
Market Type of economy in which people make production decisions about their own businesses
Command Type of economy in which the government makes all decisions about production.
Productive Resources Resources needed to produce a good or service: natural resources, capital goods, and human resources
Created by: Deaver
 

 



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