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
Remaining cards (0)
Know
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

Macro-Economics

Vocabulary Chap 1

QuestionAnswer
Scarcity limited resources and unlimited wants
Economics the study of how people try to meet unlimited needs and wants with limited resources
Need basic requirement for survival
Want a desired item or service not required for survival
Factors of Production resources needed to produce goods and services: Land, Labor, Capital, and Entrepreneurs
Land natural resources ex: deserts, fertile fields, forests, minerals, livestock, sunshine, climates, etc.
Capital or Capital Goods tools, equipment, machinery, and factories used in the production of goods and services
Financial Capital money used to buy the tools and equipment used in production
Labor people with all their effort, skills, and abilities *does not include entrepreneurs, which are in a different category
Entrepreneur risk-taker in search of profit who does something new with existing resources
Production process of creating goods and services
Gross Domestic Product or GDP dollar value of all finished goods, services, and structures produced within a country's borders in a 12-month period *Formula: C+Ig+G+Xn
Economic Products goods and services that are useful, relatively scare, and transferable to others
Good item that is useful and satisfies a need or a want
Consumer Good intended for final use by individuals
Capital Good manufactured goods are used to produce other goods and services
Service work that is performed for someone
Paradox of Value situation where some needs have little monetary (money) value, but some wants have much higher monetary (money) value ex: water and diamonds
Utility capacity to be useful and provide satisfaction
Wealth accumulation of goods
Market mechanism that allows buyers and sellers to exchange a certain economic product
Factor Markets markets where resources used in production (equipment, ect) are bought and sold
Product Markets markets where producers sell their goods and services to consumers
Economic Growth a nation's total output of goods and services increases over time
Productivity measure of the amount of output produced by a given amount of inputs in a specific period of time
Division of Labor work is arranged so that individual workers do fewer tasks
Specialization people or machines perform tasks that they can do relatively more efficiently than others
Human Capital the sum of skills, abilities, health, and motivation of people
Economic Interdependence two or more groups relying on each other to provide the goods and services for the economy
Trade-Offs alternative choices
Opportunity Cost the cost of the next best alternative when one choice is made over another ex: money, time, resources, ect.
Production Possibility Frontier a diagram representing various combinations of goods and/or services an economy can produce when all productive resources are fully employed
Cost-Benefit Analysis way of thinking that compares the costs of an action to the benefits received
Free Enterprise Economy economy in which the individuals and business owners answer the majority of the 'what', 'how', and 'for whom' questions rather than the government
Standard of Living quality of life based on the possession of the necessities and luxuries that make life easier
Created by: kvanolson
 

 



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