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

economicterms

economic terms

QuestionAnswer
scarcity condition caused by people's unlimited wants and the relatively limited resources to meet those wants.
opportunity cost what a person gives up when they choose one thing over another.
trade-off accepting less of one thing to get more of something else
economic systems the ways in which people(s)deal with the problems of scarcity and opportunity cost
money anything that serves as a medium of exchange
markets arrangements that allow buyers ans selers to meet and exchange goods or services
supply different amounts of goods and services that will be offered for sale at a certain price for a certain amount of time.
demand various goods and services that will be purchased at a certain price during a specific time period.
competition more than one buyer or seller in the same market
gross domestic product (GDP) the market value of all final goods and services produced by a country in one year.
unemployment the number of people without a job actively seeking
inflation an increase in the average price level of the of the enitre economy
deflation a decrease in the average price level of the entire economy
monetary policy actions that affect the amount of money and the cost of credit avaliable in the economy.
fiscal policy changes in taxes or government spending that are designed to affect demand
exchange rate the price of one nation's currency in terms of another
capital the tools, equipment, and factories used in the production of goods and services.
factors of production things needed to produce any good or service they are land, capital, labor, entrepreneurship
laissez-faire means no government interference in the economy,french for allow them to do.
want not a basic requirement for survival
need a basic requirement for survival
good a tangible commidity such as a book or car
consumer good a good intented for final use by a consumer
capital good a good used to make other goods (oven in a bakery)
durable good lasts three years or more when used regularly
Created by: jessicaaguilera
Popular American Government 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