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

2.02 key terms

Old TermDefinitionNew Term Definition principles
Economy goods and services are produced,brought in country or religion. Law of demand quantity of good/service-price
Economics study to meet unlimited wants/limited resources Law of supply quantity of good/service price sale varies in direct relation
Economic Goods physical objects ,useful,scarce,transferable Law of supply and demand good/service will increase when demand-great decrease when demand-low
Economic Service productive objects ,useful,scarce,transferable Elasticity indication of how changes in price will affect changes
Need something requried Inelasticity Demand form of demand change in price don't affect demand
Want something desired not required Economic Resource humans and natural resources and capital goods(goods/service
Economic Want desire for something -spend money Production economic process of product economic good/service
Non-Economic Wants desire for something-free Natural Resources items found in nature
Scarcity gap between limited resources/ unlimited wants Human Resources people who work to produce
Consumer Goods and Services products produced for personal consumption Capital Goods manufactured/constructed items
Industrial Goods and Services products purchased by producers for resale Factors of Production productive resources(economic resources)
Unlimited everyone always has them Consumption economic process/activity of using goods.services
Changeable wants change Exchange economic process of trading one good/service for another
Competing everyone must choose which wants to satisfy Price amount of money paid
Ultimate consumer one who personally uses good/service to satisfy wants Demand quantity of goods/services
Convenience products staple-bread or milk impulse items-candy bar at checkout Supply quantity of good/service seller able & willing to offer for sale
Shopping products pay for more shopping products Equilibrium point at which quantity supplies equal to quantity demanded
Unsought products bought out of ad instead of desire Trade off giving up all/part of one thing for something else
Materials item becomes part of unfinished product Excess supply situation exists when supply is great than demand
Parts items become part of finished product Excess demand situation exists when supply is greater than supply
Installation high-cost, long lasting, used to produce goods/service Economic Questions?(scarce) what to produce? how to produce? for whom to produce?
Equipment products used in operation of business Distribution income divided among resource owners/producers
Supplies constantly being purchased & used in operation of business Opportunity cost benefit lost when decided to use scarce resources
Created by: user-1861355
Popular Business 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