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

MIPS GB 1 - 4

MIPS GB Units 1 - 4 Vocabulary

QuestionAnswer
Economic Decision Making The process of choosing which want, among several wants being considered at a certain time, will be satisfied.
Economic Resources The means through which we produce goods and services.
Basic Economic Problem (Scarcity) The problem of satisfying unlimited wants with limited resources.
Natural Resources Raw materials supplied by nature.
Goods The things you can see and touch.
Captial Resources Tools, equipment, and buildings used in producing goods and services.
Needs Things that are necessary for survival.
Human Resources (Labor) The people who work to produce goods and services.
Wants Things which are not necessary for survival but which add pleasure and comfort to our lives.
Services Things that satisfy our wants through the efforts of other people or equipment.
Economic System A nation's plan for making decisions on what to produce, how to produce, and how to distribute goods and services.
Custom-based Economy An economic system in which goods are produced the way they have always been produced.
Directed Economy (Planned) An economic system in which government owns and controls the economic resources and makes all of the decisions regarding the production of goods and services.
Marketplace Any place where buyers and sellers exchange goods and services for some form of money.
Capitalism An economic system in which most economic resources are privately owned and decisions about production are largely made by free exchange in the marketplace.
Private Enterprise The right of the individual to choose what business to enter and what to produce with only limited direction from the government.
Private Property The right to own, use, or dispose of things of value.
Profit Money left from sales after subtracting the cost of operating the business.
Profit Motive The right to work for profit.
Competition The rivalry among businesses to sell their goods and services to buyers.
Socialism An economic system in which government owns and operates a number of industries while providing for some degree of private property and private enterprise.
Communism An economic system in which government owns most of the econimic resources and has tight control over the production and distribution of goods and services.
Business An establishment or enterprise that supplies goods and services in exchange for some form of payment.
Productivity The quantity of a good that an average worker can produce in one hour.
Supply The quantity of product or service that businesses are willing and able to provide at a particular price.
Standard of Living A measure of how well people live - quantity and quality of wants and needs that are satisfied.
Demand The quantity of a product or service that consumers are willing and able to buy at a particular price.
GNP THe total value of all goods and services produced in a country in one year.
Base Year The year chosen to compare an item to, such as price, to the same item in another year.
Per Capita Output The figure that results from dividing the GNP of a country by the population of that country.
Business Cycle The movement of our economy from one condition to another and back again.
Prosperity A phase of the business cycle in which employment is high, wages are good, and GNP is high.
Recession A phase of the business cycle in which demand decreases, businesses reduce productions, and unemployment rises.
Depression A phase of the business cycle in which unemployment and business failures are high and GNP is at its lowest.
Recovery A phase of the business cycle in which unemployment begins to decrease and GNP rises.
Inflation An increase in the general price level.
Deflation A decrease in the general price level.
Created by: mathgirl
Popular Business 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