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
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

Economics

QuestionAnswer
Incentives things that incite or motivate you to change your economic behavior
Consumer sovereignty consumers determine through purchases what goods and services will be produced
Price the amount of money exchanged for a good or service
Profit consists of earning after all expenses have been paid
Circular flow resources, goods, services, and money flowing throughout the economy
Opportunity cost what is given up when a choice is made- the highest valued alternative
Sole proprietorship a business owned by one person who takes all of the risks and all of the profits
Private property property owned by individuals and businesses for use without undue interference by the government
Resources factors of production that are used in the production of goods and services
Production the combining of human, natural, capital, and business resources to make goods and services
Entrepreneur a person who takes a risk to produce goods and services in search of a profit
Scarcity the inability to satisfy all wants at the same time
Competition rivalry between producers and sellers of goods and services that results in better quality goods and services at a lower price
Human resources time, energy, and skills needed to produce goods and services
Corporation a large business with many owners called stock holders
Natural resources the resources from the land that are needed to produce goods and services
Consumption using goods and services
Choice selecting an item or action from a set of alternatives
Partnership a form of business owned by 2 or more individuals who share all of the risks and profits
Capital resources the tools, machinery, factories and money that are used in providing goods and services
Supply the amount of a good or service that producers are willing and able to sell at a certain price
Demand the amount of a good or service that consumers are willing and able to buy at a certain price
Consumer people who buy and use products
Producer people who use resources to provide goods and services
Economy the management of the resources of a country
Created by: 287028
Popular American Government 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