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

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.

Term

Opportunity Cost
click to flip
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know

Term

Scarcity
Remaining cards (11)
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

Economics Vocab

TermDefinition
Opportunity Cost What you are giving up by choosing something else.
Scarcity There is only so much of everything.
Incentive Your motivation.
The Mantra of Economics People make choices with scarce resources, and they interact with others when they make these choices.
Microeconomics Examines the behavior and decisions of individual firms and households and the way they interact in specific industries and markets.
Macroeconomics Focuses on the whole national economy or even the whole world economy. This examines the workings and problems of the whole economy, looking at features such as GDP growth and unemployment.
Monatary Of or relating to money or currency.
Non-Monatary Not relating to money or currency.
Gains From Trade Improvements in income, production, or satisfaction owning the exchange of goods or services.
Specialization Occurs when people or countries can concentrate on the items that can be produced most efficiently.
Division of Labor Allows individuals to perform the task they do best.
Comparative Advantage When one person or group can produce one good at a lower opportunity cost then another person or group.
Created by: luvr_gurl14
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