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
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

Econ Chapter 1 Vocab

What is Economics?

TermDefinition
Scarcity fundamental economic problem facing all society that results from a combination of limited resources and people’s virtually unlimited wants
Economics social science dealing with the study of how ppl satisfy seemingly unlimited and competing wants with the careful use of scarce resources
Need basic requirement for survival; includes food, clothing, and/or shelter
Want something we would like to have but that is not necessary for survival
Factors of Production productive resources that make up the four categories of land, capital, labor, and entrepreneurship
Land natural resources or “gifts of nature” not created by human effort; one of four factors of production
Capital tools, equipment, and factories used in the production of goods and services; one of four factors of production
Capital Good tool, equipment, or other manufactured good used to produce other goods and services; a factor of production
Labor people with all their abilities and efforts; one of four factors of production, does not include the entrepreneur
Entrepreneur risk-taking individual in search of profits; one of four factors of production
Gross Domestic Product (GDP) dollar value of all final goods, services, and structures produced within a country’s national borders during a one-year period
Good tangible economic product that is useful, relatively scarce, and transferable to others
Consumer Good good intended for final use by consumers rather than businesses
Durable Good a good that lasts for at least three years when used regularly
Nondurable Good a good that wears out or lasts for fewer than three years when used regularly
Service work or labor performed for someone
Paradox of Value apparent contradiction between the thigh monetary value of a nonessential item and the low value of an essential item
Utility ability or capacity of a good or service to be useful and give satisfaction to someone
Wealth sum of tangible economic goods that are scarce, useful, and transferable from one person to another
Market meeting place or mechanism that allows buyers and sellers to come together
Factor Market market where the factors of production are bought and sold
Product Market market where goods and services are bought and sold
Economic Growth increase in a nation's total output of goods and services over time
Productivity measure of the amount of output produced with a given amount of productive factors
Human Capital sum of ppls skills, abilities, health, knowledge, and motivation
Division of Labor division of work into a number of separate tasks to be performed by diff workers
Specialization assignment of tasks to the workers, factories, regions, or nations that can perform them more efficiently
Economic Interdependence mutual dependency of one person’s, firm’s, or region’s economic activities on another’s
Trade-Off alternative that is available whenever a choice is to be made
Opportunity Cost cost of the next-best alternative use of money, time, or resources when making a choice
Production Possibilities Frontier diagram representing the maximum combinations of goods and/or services an economy can produce when all productive resources are fully employed
Economic Model simplified version of a complex concept or behavior expressed in the form of an equation, graph, or illustration
Cost-Benefit Analysis way of thinking about a choice that compares the cost of an action to its benefits
Free Enterprise Economy market economy in which privately owned businesses have the freedom to operate for a profit with limited government invention
Standard of Living quality of life based on ownership of necessities and luxuries that make life easier
Created by: Damma15724
Popular Economics 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