Save
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

Chapter 18

TermDefinition
Needs Requirements for survival, such as food, clothing, and shelter
Wants A thing we would like to have, such as entertainment, vacations, or an item that makes life comfortable and enjoyable
Economics The study of how individuals and nations makes choices about ways to use scarce resources to fulfill their needs and wants
Microeconomics The economic behavior decision making by individuals and small businesses
Macroeconomics Economic behavior and decision making by government or whole industries or societies
Economic model Simplified representation of the real world that economist develop to describe how the economy behaves and is expected to perform in the future
Economic system Nation's way of producing things it's people want and needs
Resource The money, people, and materials available to accomplish a community's goal : Wealth
Scarcity Not having enough resources to produce all of the things we would like to have
Trade-off The alternative you face if you decide to do one thing rather than another
Opportunity cost The cost of the next best alternative use of time and money when choosing to do one thing rather than another
Marginal benefit The additional or extra opportunity cost associated with an action
Cost-benefit analysis Economic model that compares the marginal cost and marginal benefits of a decision
Marginal cost The additional or extra benefit cost associated with an action
Created by: jaziah griffin
Popular Economics 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