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Economics Final

TermDefinition
Economic System The way in which a society uses its scarce resources to satisfy its people's unlimited needs and wants.
Opportunity Cost The loss of potential gain from other alternatives when one alternative is chosen.
Alternative Cost What you give up when making an economic choice.
Market An arrangement that allows buyers and sellers to exchange things.
Competition The struggle among producers for the dollar of consumers; the regulating force in the free market.
Traditional Economy Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services.
Centrally Planned (Command) Economy Economic system in which the central government makes all economic decisions on the production and consumption of goods and services.
Free Market Economy Both centrally and planned and free market economy; decisions are made by societies.
Factors of Production Land, labor, capital
Goods Physical objects such as shoes and shirts.
Services Actions or activities that one person performs for another.
Laissez Faire Hands off; no government interference.
6 Economic Goals Economic efficiency, economic freedom, economic security and predictability, economic equity, economic growth and innovation
Guns and Butter Refers to the trade-offs that nations face when choosing to produce more or less military or consumer products.
Physical Capital A factor of production.
Scarcity Implies limited quantities of resources to meet unlimited wants.
Shortage A situation in which a good or service is unavailable.
Entrepreneur Ambitious leaders who combine land, labor and capital to create and market new goods and services.
Bill Gates Co-founder of Microsoft Corporation; richest man in the world.
Steve Jobs Founder of Apple Inc.
T.A.N.F. Federal money goes to the states who design their own welfare programs.
Medicare For people 65 years and over.
Unemployment Funded by state and federal government, provides money to eligible workers who have lost their job; workers must show they have made efforts to get work.
Social Security Payroll taxes are collected from current workers and redistributed to the elderly and disabled.
EPA Protect people and the environment from significant health risks, sponsors and conducts research.
SEC Security Exchange Commission - Regulates the stock market.
FDA Responsible for protecting the public health by assuring the safety, efficiency and security of human and veterinary drugs.
EEOC Enforces laws that makes discrimination illegal in the work place.
FCC Regulates interstate and international communications through cable, radio, TV, satellite and wire. The goal is to promote connectivity and ensure a robost and competitive market.
CPSC Protects the public from unreasonable risks of serious injury or death from thousands of types of consumer products.
FAA Works to ensure air travel is safe.
Poverty Threshold Income level below what is needed to support a household.
Safety Net Designed to protect people from economic hardships (food stamps, medicaid, etc.).
Externality An economic side effect of a good or service that generates benefits or costs to some one other than the person deciding how much to produce or consume.
Zoning Laws Laws in a city that separate residency and businesses.
Public Goods A shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers.
Law of Supply The higher the price, the larger the quantity produced.
Law of Demand Consumers buy more of a good when its price decreases and buy less when its price increases.
Shift Factors - Supply and Demand Left Shift - Decrease, Right Shift - Increase
Equilibrium The point at which quantity demanded and quantity supplied are equal.
Disequilibrium Describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market.
Graphing Supple/Demand Curves Represents the demand schedule, all reflect the law of demand.
Normal Goods A good that consumers demand more of when their income increases.
Complementary Goods Generic goods.
Elastic Consumer demand will change considerably as a result of a price change, there are many alternatives or substitutes for the good or service.
Inelastic Consumer demand will not change much with a price change, the good is considered a necessity or there are few alternatives.
Capital Gain The difference between a higher selling price and a lower purchase price, resulting in a financial gain for the seller.
Dividend The portion of corporate profits paid out to stockholders.
Investment The act of redirecting resources from being consumed today so that they may create benefits in the future; the use of assets to earn income or profit.
Bookerage Firm A business that specializes in trading stocks.
Bull Market A steadily rising market.
Bear Market A steadily declining market.
New York Stock Exchange The country's most profited market.
Day Trader The buying and selling of securities on the same day, often online, on the basis of small short-term price fluctuations.
Profit The financial gain made in a transaction.
Corporate Bond A bond that a corporation issues to raise money in order to expand its business.
Liability The legally bound obligation to pay debts.
Corporation A legal entity owned by individual stockholders.
Sole Proprietorship A business owned and managed by a single individual.
Franchise The right to sell a good or service within an exclusive market.
Horizontal Merger The combination of 2 or more firms competing in the same market with the same good or service.
Vertical Merger The combination of 2 or more firms involved in different stages of producing the same good or service.
Conglomerate Business combination merging more than 3 businesses that make unrelated products.
Multinational Large corporation that produces and sells its goods and services throughout the world.
Created by: Blissful_Olive