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

Introduction to econ

Supply, demand

Positive statement A viewpoint which can be tested, fact.
Normative statement A viewpoint which is opinionated without evidence
Is "The crime rate is higher in the UK then other countries" a positive or normative statement? Positive
Need Something people must have, that they cannot do without, e.g. food
Want Something people would desire but which is not essential for survival e.g. PS4
Fundamental economic problem The idea that there are scarce resources to allocate to the unlimited quantity of goods and services people desire.
What is used to decide the economic problem? What to produce? How to produce it? And, for whom?
Production The process of converting factors of production into product
Finite resource A resource, such as oil, which is scarce and runs out as it is used. The environment is a scarce resource.
Opportunity cost The next best alternative foregone when a choice is made
Factors of production Land, Labour, Capital and Enterprise.
Contraction of Demand Reduced quantity, increased price
Extension of Demand Increased quantity, reduced price
Ceteris Paribus all other things being equal
Pareto Efficient Resources allocated in the most efficient manner
Contraction in Supply Reduced quantity, reduced price
Extension of Supply Increased quanity, increased price
Determinants of Supply Productivity, Indirect taxes, No of Firms, Technology, Subsidy, Weather, Cost of production
Tariff Tax or duty to be paid on a particular class of imports or exports
Market Where buyers meet sellers
Equilibrium/ Market clearing price Where demand meets supply
Price Mechanism Allocate, Rationing, Signal, Incentives
Consumer surplus Price consumers are willing and able to pay subtracted by the price they pay for a good or service
Producer surplus Price producers are willing and able to sell subtracted by the price they sell for a good or service
Created by: Haribro



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