Busy. Please wait.

show password
Forgot Password?

Don't have an account?  Sign up 

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.
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.
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

SS-Chapter 18 (1-2)

Economics the study of how we make decisions in a world where resources are limited
Needs things that are required for survival
Wants things that we would like to have, but we do not require
Scarcity not having enough resources to produce all the things we would like to have
Economic Models simplified representations of the real world that are used to explain how the economy works, or to predict what would if something in the economy should change
Trade-off the alternative you face if you decide to do one thing rather than another
Opportunity Cost the cost of the next best use of your time or money when you choose to do one thing rather than another
Fixed Costs costs, or expenses, that are the same no matter how many units of goods are produced
Variable Costs expenses that change with the number of products produced
Total Costs the fixed costs added to the variable costs
Marginal Cost the extra, or additional, cost of producing one additional unit of output
Marginal Revenue the change in total revenue (extra revenue) that results from selling one more unit of output
Marginal Benefit the additional or extra benefit associated with an action
Cost-Benefit Analysis economic model that compares the marginal costs and marginal benefits of a decision
Created by: 2016stamerh



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