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.
Didn't know it?
click below
Knew it?
click below
Don't know (0)
Remaining cards (0)
Know (0)
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

EC121 Terms - Unit 1

EC121 Terms to study for success within our 1st unit

circular-flow diagram a diagram that views the economy as consisting of households and firms interacting in a goods and services market and a labor market
economics the study of how humans make choices under conditions of scarcity
macroeconomics the branch of economics that focuses on broad issues such as growth, unemployment, inflation, and trade balance.
microeconomics the branch of economics that focuses on actions of particular agents within the economy, like households, workers, and business firms
scarcity when human wants for goods and services exceed the available supply
specialization when workers or firms focus on particular tasks for which they are well-suited within the overall production process
division of labor the way in which the work required to produce a good or service is divided into tasks performed by different workers
marginal analysis examination of decisions on the margin, meaning a little more or a little less from the status quo
comparative advantage when a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production
absolute advantage when one country can use fewer resources to produce a good compared to another country; when a country is more productive compared to another country
utility satisfaction, usefulness, or value one obtains from consuming goods and services
invisible hand idea that self-interested behavior by individuals can lead to positive social outcomes
Created by: JNHerzing



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:
restart all cards