Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


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.
We do not share your email address with others. It is only used to allow you to reset your password. For details read 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 (0)
Remaining cards (0)
Know (0)
0:00
share
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

Economics-Unit 1

Economics taught by Ms Loveless

QuestionAnswer
Economics the study of how society chooses to allocate its scarce resources to the production of goods and services in order to satisfy unlimited wants
Good tangible economic product that is useful, relatively scarce, transferable to others, used to satisfy wants and needs
Service work or labor performed for someone
Scarcity fundamental economic problem of meeting people's virtually unlimited wants with scarce resources
Factors of Production productive resources that make up four categories of land, capital, labor, and entrepreneurship
Land natural resources not created by human effort
Capital tools, equipment, and factories used in the production of goods and services
Labor people with all their abilities and efforts
Entrepreneurs risk taker in search of profits who does something new with existing resources
Traditional Economy economic system in which the allocation of scarce resources and other economic activities are based on ritual, habit, or custom
Command Economy economic system with a central authority that makes the major economic decisions
Market Economy system in which supply, demand, and the price system help people make economic decisions and allocate resources
Mixed Economy economic system that has some combination of traditional, command, and market economies
Socialism political and economic system in which the government owns and controls some factors of production
Communism economic and political system in which all factors or production are collectively owned and controlled by the state
Created by: tonyangelos
 

 



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