Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


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.
We do not share your email address with others. It is only used to allow you to reset your password. For details read 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 (0)
Remaining cards (0)
Know (0)
0:00
share
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

WHS PoBF 5.02A

LAP EC 17

TermDefinition
Capital goods Manufactured or constructed items that are used to produce goods and services
Central planning Detailed economic processes and goals developed by government; usually associated with communist economies
Command economy An economic system in which all or many of the means of production and distribution are owned and controlled by the government
Communism A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution
Competition The rivalry between two or more businesses to attract scarce customer dollars
Consumer goods Tangible items produced for personal use
Consumers People who use goods and services to satisfy their wants
Demand The quantity of a good or service that buyers are ready to buy at a given price at a particular time
Distribution The process or activity by which income is divided among resource owners and producers
Economic resources The human and natural resources and capital goods used to produce goods and services
Economic system The organized way in which a country handles its economic decisions and solves its economic problems
Economic vote Term used to describe consumer approval of products expressed by the purchase of products
Financial capital Money needed to operate a business
Government A country’s arrangement for making and enforcing laws
Human resources People who work to produce goods and services
Human-services programs Benefits such as free health care, education, and welfare that are provided by a government to its citizens
Industrial goods Tangible items that will be consumed by industrial users
Interdependent Influencing or relying upon one another
Market economy An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace
Markets Arrangements for the buying and selling of goods and services
Means of production All the resources required in the production of goods and services
Medium of exchange Something of value that can be used to obtain goods and services; most common form is money
Natural resources Items that are found in nature and used to produce goods and services
Producers The people who make or provide goods and services
Production The economic process or activity of producing goods and services
Profit Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
Quotas Specific goals to be met
Resource Any item that is used to accomplish another activity, such as producing/providing goods and services
Scarcity A condition resulting from the gap between limited resources and unlimited wants for goods and services
Socialism A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well
Subsistence Existence at a level that barely supports life
Supply The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
Traditional economy An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition
Welfare state A government that provides multiple social programs such as free health care and education to its citizens
Created by: VNelsonWHS
 

 



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