Save
Upgrade to remove ads
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
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. Your email address is only used to allow you to reset your password. See 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.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
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 Chapter 1 Vocab

What Is Economics?

WordDefinition
Scarcity the condition that results from society not having enough resources to produce all the things that people want
Factors of Production resources required to produce the things we would like to have such as, LAND, LABOR, CAPITAL, and ENTREPRENEURS
Economics the study of how people try to satisfy what seems to be unlimited wants through relatively scarce resources
Want basic need related to survival
Financial Capital the money used to buy the tools and equipment used in production
Need basic requirement for survival like food, clothing, and shelter
Gross Domestic Product (GDP) dollar value of all final goods and services; comprehensive measure of total output
Good item that is economically useful or satisfies an economic want
Service work performed for someone
Economic Product goods/services that are useful, relatively scarce, and transferable
Consumer Good intended for final use by individuals
Capital Goods goods used to produce other goods and services
Standard of Living quality of life
Opportunity Cost cost of the next best alternative use of money, time, or resources
Value worth expressed in dollars and cents
Trade-off alternative choices
Utility capacity to be useful
Free Enterprise Economy businesses make the WHAT, HOW, and the FOR WHOM questions
Wealth economic sense, accumulation of the product's that are tangible, scarce, useful, and tangible
Market a location or other mechanism that allows buyers and sellers to exchange a certain economic product
Product Markets markets where producers sell their goods and services to customers
Factor Markets markets where productive resources are bought and sold
Created by: SEN10Rof2010
Popular Miscellaneous sets

 

 



Voices

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:
Retries:
restart all cards