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

Economic Decisions

Basic Economics

QuestionAnswer
What are the 3 Economic questions that every system must ask? What to produce? How to produce? For whom to produce?
Name the 4 Factors of Production Land/Natural Capital Human/Labor Entrepreneur
What is the basic economic problem? Scarcity
Define scarcity Satisfying unlimited wants with limited resources
What is the difference between goods and services? a commodity or service that can be utilized to satisfy human wants and that has exchange value. Service is intangible, is not stored and does not result in ownership/consumed at time of purchased
What economic term refers to the total satisfaction received from consuming a good or service Utility
Economists use ? to measure if we have a healthy economy? Indicators
Gross Domestic Product determines if prices have changed from month-to-month? False
What are the benefits to globalization? increase trade, prosperity, breaking down barriers to political agendas
What are some of the disadvantages to globalization? outsourcing one can affect the other (industries)
Who's the Father of Economics? Adam Smith. Wealth of Nation and talked about "the invisible hand"
If a product has a low demand how does that affect pricing? Lower
Unemployment, natural disasters, and new technologies causing prices to increase. True
Capital in Economics is defined as The man-made things used in production
To what part of an industry does a worker's education contribute? Human Capital
Why do you think scarcity is an issue with the rich as well as the poor? It is a human trait that few people, regardless of their economic status, are satisfied with what they have.
What makes economics a social science? Economics is a study of human behavior because it looks at the decisions people make and how they react to those decisions.
Which economic question, do you think satisfy value & utility? what to produce? what to produce?
Which economic question, do you think satisfies questions of efficiency how to produce?
Which economic question, do you think satisfies questions of distribution & fairness? For whom to produce?
Created by: wilkink
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