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 Ch3

QuestionAnswer
What are the three elements of supply and demand models? price, quantity, and equilibrium
As the price of a product increases, consumers... buy less of that product due to the law of demand
According to the law of demand, if the price of compact disks decreased then.. quantity demanded would increase
According to the law of demand, one way to reduce the amount of tobacco consumption is to... raise the price of tobacco
The typical slope of a demand curve is.. negative
The typical slope of supply curve is.. positive
Substitutes... have the same characteristics and can replace another good - Coke and Pepsi (positively related price/demand)
Compliments are... a good that is consumed/used together with another good - gas and SUVs (negatively related price/demand)
Normal goods... demand increases when consumer income rises (shoes, clothing, jewelry)
Inferior goods... demand increases when consumer income falls (instant noodles, fast food)
When consumers expect the price of a good to go down in the future... demand will decrease today
Created by: naddotey
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