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

Econ vocabulary

Efficiency Most productive use of a resource.
Equity Fair distribution of prosperity among society's members.
Tradeoff More equity (the redistribution of income from well off to the poor) can reduce efficiency.
Opportunity Cost Whatever must be given up to obtain it (or value of the next best alternative). Example. Cost of School upfront vs. increase in wages.
Marginal Small incremental adjustments (or 1 unit of change). Ex.ample.How will an additional year of college effect my earnings?
Incentive Something that includes a person to act, i.e. The prospect of reward or punishment.
Market Group of buyers
Market economy Decisions made from interactions of many households/firms.
Stock market Invisible hand at work...interaction where buyers & sellers determine quantity.
Price VALUE to buyers + COST to Sellers = PRICE
Command economy Centeral planner/government sets prices/quantities (Cuba).
Government role in market 1.Provide security to encourage work, production, investment. 2.Promote efficiency 3.Market Power, ensures no monopoly.
Extra-normality Good production = harmful effect (pollution)
Productivity The amount of goods & services produced per unit of labor. *Most important determining factor of living standards* *Productivity depends on equipment, skills & tech.
Inflation Increase in price level. Caused by excessive growth. The faster the government prints money, the higher the inflation rate.
No Free Lunch Always trade offs!
Created by: FatherofPug