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

JA Chp. 1

JA Economics Chp. 1

QuestionAnswer
The father of economics. Wrote “Wealth of Nations” which promoted “the invisible hand” theory. Adam Smith
The gains that result when a choice is made. Benefits
The buildings, tools, and machines people create and use to produce final goods and services. Capital
Latin for “all else being equal”; a fundamental assumption in many economic models ceteris paribus
The process of using a product or service. Consumption
The losses that result when a choice is made. Costs
A negative or withdrawn reward. disincentive
The process of getting a product or service to consumers. distribution
A social science that studies how people decide to use scarce resources to satisfy their wants. economics
The imagination, innovative thinking, and management skills needed to start and operate a business. Entrepreneurship
The land, labor, and capital resources used to produce goods and services. factors of production
A positive reward that results from making a choice or behaving in a certain way. incentive
The physical and mental efforts people use to create goods and services. labor
Natural resources that are unaltered gifts of nature, such as soil, minerals, timber, and fresh water. land
The study of the economy as a whole. macroeconomics
The extra or additional costs or benefits of a decision. marginal
An arrangement that allows buyers and sellers to make exchanges. market
An economy that relies on voluntary trade as the primary means of organizing and coordinating production. market economy
The study of individual consumers and businesses. microeconomics
The highest valued alternative given up as a result of making a choice. opportunity cost
A process that combines economic resources so the result is a good or service that is available for sale. production
A positive difference between total sales and total costs. profit
Resources and products owned by government. public property
Exchanging something for something else. trade
Created by: pinetreeacademy
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