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Barter The direct exchange of goods or services between people.
Bond a financial promise for an investment issued by a corporation or government with regular interest payments and repayment at a later date.
Capital Resources The physical equipment used in the production of goods and services.
Cartels A group of sellers acting together in the market.
Circular flow The movement of resoures goods and services through an economy as a diagram it can show how households and business firms interact with each other in the product and resource markets.
Command economy A system in which decisions are made largely by an authority such as a feudal lord or government planning agency.
Comparative advantage Economic theory that a country individual should sell and services which it can produce at relatively lower costs and buy goods and services which can produce at relatively higher cost.
Compitition The rivalary among people and or business firms for resoures and or consumers.
Consumer One who buys or rents goods or services and uses them.
Consumer Price Index The price index most commonly used to measure the impact of charges in prices on households this index is based on a standard market basket of goods and services purchased by a typical urban family.
Corporation A business firm that is owned by stockholders and is a legal entity with rights to buy sell and make contracts its chief advantage is that each owners Liability is limited to the amount of money he or she has lnvested in the company.
Cost what is given up when a choice is made ; monetary and /or non monetary.
Cost/benifit analysis The process of weighing all predicted costs against the predicted benifits of an economic choice.
Deflation A general decline in the price level.
Demand The different quantits of a resourse. good or service that potential buyers are willing and able to purchase at various prices during a specific time period.
Depression A severe recession in terms of magnitude and/or length.
Division of Labor A method of organizing production whereby each worker specializes in part of the productive process.
Economic growth An increase in a society's output.
Economic systems The way societies organize to determine what goods and services should be produced.how goods and services and who will consume goods and services. Examples include traditional. command and market.
Economics The study of the behavior of individuals and institutions engaged in the production. distribution and consumption of goods and services.
Entrepreneur Individual who begins, manages and bears the risk of a business (e.g,Milton,Hershey,F.W.Woolworth).
Equilibrium price The outlay at which quantity demanded equals quantity supplied; market clearing price.
Exchange rate The price of ones country's currency measured in terms of another country's currency (e.g American dollar in German mark,Japanese yen in canadian dollar).
Federal Reserve System The Central Bank of the United States (consisting of the Board of Governors and 12 district banks) which controls monetary policy; sometimes referred to as The Fed or Federal Reserve.
Fiscal policy Government decisions on taxation and spending to achieve economic goals.
Flow resoures Temporal energy forces that are neither rrenewable nor non renewable, but must be used as, when and where they occur or they are lost (e.g.wind,sunlight).
Gross Domestic Product The market value of the total output of final goods and services produced by an economy in a given time period, usually 1 year.
Goods Objects that can satisfy people's wants.
Household The group of people living together under one roof; a group of individuals whose economic decision-making is interrealted.
Human Resoures People's intellectual and physical abilities.
Incentives Factors that motivate or influence human behavior.
Income Payments earned by people in exchange for providing resources used to produce goods and services.
Inflation A general rise in the price level.
Interdependence Ideas,goods and services in one area affect decisions and events in other areas reducing self sufficiency.
Interest Payments made for the use of borrowed money.
Interest rate The price of borrowed money.
Labor force That part of the population which is employed or actively seeking employment.
Labor union An organization of workers who seek to improve thier common interests.
Labor productivity The total output divded by the quantity of labor employed to produce it.
Law of demand The lower the price of a good or service, the greater the quantity that people will buy, all else held constant (e.g incomes,tastes)
Law of supply The higher the price of a good or service, the greater the quantity that business will sell, all else held constant (e.g, resoures costs,technology).
Loss The difference that arises when a firm's total revenues are less then its total costs.
Macroecomomics Study of aggregate economic activity including how the economy works as a whole. seeks to identify levels of National income ,output,employment and prices
Marginal analysis A decision-making tool that weighs additional costs and benifits.
Market A place or procss through which goods and services are exchanged.
Market economy An economic system in which decisions are made largely by the interactions of buyers and sellers.
Monetary policy Government decisions on money supply and interest rates to achieve economic goals.
Money A medium of exchange.
Money supply The amount of liquid assets which exists in the economy at a given time(e.g currency,checkable deposits,traveler's checks).
Mutual fund An investment option that uses cash from a pool of savers to buy a wide range of securities.
Nattural resoures anything found in nature that can used to produce a product land water and coal
nonrenewable resoures finite elements that cannot be replaced once they are used e.g petroleum , minerals.
Opportunity cost The highest valued alternative given up when a decision is made.
Output the total amount of a commodity produced.
Partnership A business in which ownership us shared by two or more people who receive all the profits and rewards and bear all the the losses and risks.
Price the amount people pay in exchange for a particular good or service.
Price control Government restraint of prices to keep the cost of living down. It usually happens in time of war, but there are also instances in peacetime.
Created by: esequiel