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

Intro to Economics

for unit test

QuestionAnswer
Good Tangible economic product that is useful, relatively scarce, transferable to others; used to satisfy wants and needs
Economics social science dealing with the study of how people satisfy seemingly unlimited and competing wants with the careful use of scarce resources
Need basic requirement for survival; includes food, clothing, and/or shelter
Scarcity fundamental economic problem facing all societies that results from a combination of limited resources and people's virtually unlimited wants
Want something we would like to have but it 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
Labor people with all their abilities and efforts; one of the 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 dollar value of all final goods, services, and structures produced within a country's national borders during a one-year period
Service work or labor preformed for someone; economic product that includes haircuts, home repairs, forms of entertainment
Value worth of a good or service as determined by the market
Paradox of Value apparent contradiction between the high 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; excludes services
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; normally refers to labor, but can apply to all factors or production
human capital sum of peoples' skills, abilities, health, and motivation
Specialization division of work into a number of separate tasks to be preformed by different workers
opportunity cost the loss of the next best alternative use of money, time, or resources when one choice is made rather than another
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 that compares the cost of an action to its benefits
Standard of Living quality of life based on ownership of necessities and luxuries that make life easier
Commodity Kind of money where items of value are traded of other items of roughly the same value:
Representative Kind of money where a paper note can be exchanged at a financial institution for pre-determined amount of valuable goods (i.e. gold, etc...)
Fiat Kind of money based on trust in the stability and power of the government that mints currency:
1900 When did the first paper money get created in the United States?
Three basic questions of economics: What is the produce? How to produce it? For whom to produce?
Inflation a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency
Which statistic measures the total size of an economy? GDP
Which measures (roughly) the average wealth of individuals in an economy? GDP per capita
Which is better for comparing a countries economic growth from year to year? Real GDP
What is generally considered to be a healthy level of inflation for a developed economy? 3%
At 3% inflation prices double every... 24 years
TINSTAAFL There Is No Such Thing As A Free Lunch
Created by: dosselaer
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