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

1.01 POBF

QuestionAnswer
Mixed economy Combines elements of the command and market economies
Entrepreneurial resources The initiative to combine natural, human, and capital resources
Opportunity cost Value of the next
Competitors Businesses that offer the same goods to the same customers
Producers Individuals and organizations that determine which goods and services will be available for consumption
Economic decision making
Economic resources Means from which goods and services are produced
Private property Right to purchase, use, and discard of things of value
Services Activities that can be consumed at the time of purchase to satisfy needs and wants
Scarcity Condition that exists when wants or needs exceed resources available
Economics Study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants
Needs Necessities required for living
Consumer Buys and uses the goods and services
Capital resources Goods and money used in the production of goods and services
Natural resources Raw materials supplied by nature
Human resources People using efforts, knowledge, and skills at work to produce goods and services
Free enterprise Economic system which freedom to consume and produce goods and services exists
Traditional economy Economic system in which decisions are based on customs and centered on family
Goods Items purchased to satisfy needs and wants
Profit Money left after selling goods and services and costs of operating a business have been paid
Wants Goods that are purchased to add comfort or pleasure to life
Marketplace Anywhere goods and services exchange hands
Tradeoff Process of giving up something for gaining something else
Market economy Goods and services are owned and controlled by the people
Freedom of choice Opportunity to make choices of goods and services and accept consequences of decisions
Command economy Economics system in which the government owns resources and dictates what is produced
Market price The point where supply and demand are equal.
Created by: jpennington
Popular Business 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