Busy. Please wait.
Log in with Clever

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever

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.
Didn't know it?
click below
Knew it?
click below
Don't Know
Remaining cards (0)
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

Econ Chapter 1

Economics Chapter 1 study cards

Is a television a need or a want Want
What best describes wants unlimited and ever changing
A person who makes goods or provides services is called a producer
A supermarket running out of bananas is an example of a shortage
The United States decides what goods to produce by letting the producers and consumers decide
A country that does not possess oil is unlikely to produce gasoline
A society with a large unskilled labor force will most likely practice labor-intensive farming methods
Into what four categories do economist divide factors of production? land, labor, capital, and entrepreneurship
To be a successful entrepreneur requires a willingness to take risks
Which term means "making decisions based on what you believe is the best combination of costs and benefits?" economizing
What does the saying "There is no such thing as a free lunch" mean? everything costs something
Being guided by self-interest when making a decision means that you attempt to maximize utility
An example of a trade-off is giving up going to a movie to spend time shopping
The satisfaction received from using one more unit of a good or service is called marginal benefit.
The benefits and costs of a choice is shown by using a decision-making grid.
Deciding to go to a ballgame rather than do your homework is an example of a(n) trade-off
What is another named for the production possibilities curve? production possibilities frontier
What does a point inside the curve of a PPC indicate? not all resources are fully employed
Using a PPC can help to increase a company's efficiency
Harvesting less corn than the land is capable of producing is an example of underutilization
Opportunity costs would be increased by switching from producing one product to another
The addition of new resources often enables a nation to produce more goods and services
A graphic organizer that is especially useful for showing changes over time is a line graph.
A pie graph would be best type of graph to show a comparison of Internet use in various regions of the world
Data on DVD sales for three different years can best be compared by using a bar graph
A line graph that shows rising and falling profits over several years would have a(n) varied slope
hich of the following would macroeconomics study? a general rise in prices
Which of the following explains economics as it is, not as it should be? positive economics
A normative economist might conclude that a lottery is a bad policy because it burdens the poor
A economist who studies only the rise in price of tea would be labeled a microeconomist
Created by: kdjones216a1
Popular Economics sets




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:
restart all cards