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


Important Economic Vocabulary

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