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Economics

TermDefinition
Resources a stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively.
Production the action of making or manufacturing from components or raw materials, or the process of being so manufactured
Distribution the action of sharing something out among a number of recipients
Consumption the using up of a resource.: "industrialized countries should reduce their energy consumption"
Goods merchandise or possessions.
Services the action of helping or doing work for someone.
Producer goods also called intermediate goods, in economics, goods manufactured and used in further manufacturing, processing, or resale.
Consumer goods goods bought and used by consumers, rather than by manufacturers for producing other goods.
Markets a regular gathering of people for the purchase and sale of provisions, livestock, and other commodities.:
Materials the matter from which a thing is or can be made.
Distributed give shares of (something); deal out.:
Consumed use up (a resource)
Compete strive to gain or win something by defeating or establishing superiority over others who are trying to do the same.
Planned design or make a plan of (something to be made or built).
Microeconomics the part of economics concerned with single factors and the effects of individual decisions.
Free market an economic system in which prices are determined by unrestricted competition between privately owned businesses.
Supply make (something needed or wanted) available to someone; provide.
Demand an economic principle that describes a consumer's desire and willingness to pay a price for a specific good or service. Holding all other factors constant, an increase in the price of a good or service will decrease demand, and vice versa.
Supply and demand the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
Equilibrium price the market price where the quantity of goods supplied is equal to the quantity of goods demanded. This is the point at which the demand and supply curves in the market intersect.
Consumers a person or organization that uses economic services or commodities. In economic systems consumers are utilities expressed in the decision to trade or not.
Labor at the suppliers of labour services (workers) and the demanders of labour services (employers), and attempts to understand the resulting pattern of wages, employment, and income. In economics, labour is a measure of the work done by human beings.
Compensation something, typically money, awarded to someone as a recompense for loss, injury, or suffering
Macroeconomics the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
Laissez faire capitalism is French for "leave alone" which means that the government leaves the people alone regarding all economic activities. It is the separation of economy and state. There are two ways that a government typically is tempted to interfere with the economy.
Business cycle a cycle or series of cycles of economic expansion and contraction
Market saturation the point of saturation, a company can only achieve further growth through new product improvements, by taking existing market share from competitors or through a rise in overall consumer demand
Recession a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
Inflation a general increase in prices and fall in the purchasing value of money
Growth phase the life cycle of an industry when companies move beyond the startup phase into a phase of increased competition
Banks a financial establishment that invests money deposited by customers, pays it out when required, makes loans at interest, and exchanges currency.
Credit unions a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates
Regulated control or maintain the rate or speed of (
Economy the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
Free enterprise an economic system in which private business operates in competition and largely free of state control.
Competition the activity or condition of competing.
Depression a long and severe recession in an economy or market.: "the depression in the housing market".
Stock exchange a market in which securities are bought and sold.:
Recovery phase a period of increasing business activity signaling the end of a recession.
Market saturation a company can only achieve further growth through new product improvements, by taking existing market share from competitors or through a rise in overall consumer demand.
Capitalism an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
Regulations the action or process of regulating or being regulated
Federal trade commission a federal agency, established in 1914, that administers antitrust and consumer protection legislation in pursuit of free and fair competition in the marketplace.
Monopolies the exclusive possession or control of the supply or trade in a commodity or service.
Oligopolies a state of limited competition, in which a market is shared by a small number of producers or sellers.
Occupation safety and health administration Law passed in 1970 to encourage safer workplace conditions in the U.S. (OSHA) to set standards and perform inspections at job sites.
National labor relations board an independent US government agency with responsibilities for enforcing US labor law in relation to collective bargaining and unfair labor practices.
Collective bargaining negotiation of wages and other conditions of employment by an organized body of employees.
Strike (of employees) refuse to work as a form of organized protest, typically in an attempt to obtain a particular concession or concessions from their employer.
Labor unions an organized association of workers, often in a trade or profession, formed to protect and further their rights and interests.
Food and drug administration a division of the Department of Health and Human Services that protects the public against impure and unsafe foods, drugs, and cosmetics.
Surplus an amount of something left over when requirements have been met; an excess of production or supply over demand.:
Deficit the amount by which something, especially a sum of money, is too small.
Budgets an estimate of income and expenditure for a set period of time.:
Infrastructure the basic physical and organizational structures and facilities (e.g., buildings, roads, and power supplies) needed for the operation of a society or enterprise.
Federal deposit insurance corporation the U.S. corporation insuring deposits in the United States against bank failure. created in 1933 to maintain public confidence and encourage stability in the financial system
Federal reserve was founded by the U.S. Congress in 1913 to provide the nation with a safe, flexible and stable monetary and financial system.
Created by: rhart1973