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

Basic Econ Concepts

Scarcity the demand for a good or service is greater than the availability of the good or service.
Economics the study of choice, given the scarcity of time and money
Marginal Benefit the additional benefit arising from “one more”
Marginal Cost the additional cost arising from “one more”
Cost the monetary value of goods and services that producers and consumers purchase
Benefit an advantage or profit gained from something. (Note: An economic benefit is any benefit that we can quantify in terms of the money that it generates.)
Opportunity Cost the value of the next-highest-valued alternative use of that resource. Ex: you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.
4 Factors of Production Land, Labor, Capital and Entrepreneurship
3 Economic Questions What will be produced? How will it be produced? How will the output society produces be distributed?
tangible Able to be felt by touch. For example, a book is tangible: you can touch and feel it.
intangible Not able to be felt by touch. For example, an economics lecture is intangible.
goods Anything that satisfies a person’s wants or brings satisfaction; also, tangible products.
utility The quality of bringing satisfaction or happiness.
services Tasks that people pay others to perform for them.
land All the natural resources found in nature. An acre of land, mineral deposits, and water in a stream are all considered land.
labor The physical AND mental talents that people contribute to the production of goods and services.
capital Produced goods that can be used as resources for further production. Such things as factories, machines, tools and farm tractors are capital.
entreprenuership The special talent that some people have for searching out and taking advantage of new business opportunities and for developing new products and new ways of doing things.
Created by: scotts.moore
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