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

Basic Economic

Vocabulary

QuestionAnswer
Goods is a physical items such as food, clothing, cars, and houses.
Services is a activities people do for a fee. Some examples of services are car repairs, house painting, and concerts.
A consumer is a person who satisfies a want or a need by buying a good or service.
A Producer is a person or business who uses resources to make goods or provide services.
A natural resource is a gift of nature, part of the natural environment such as water, trees, or minerals.
Human resources are the people who produce the goods and provide the services.
Capital resources are the money and property—factories, tools, bridges, machines, and other items used to produce goods and services.
Scarcity it means that people need and want more than the available resources can provide.
Opportunity cost is the value of your second choice,the next best alternative.
The supply is the quantity of a good or service offered for sale.
The demand is the quantity of a good or service consumers are willing and able to buy.
A profit is the amount left after costs are subtracted from the price.
Every economy functions by answering the four basic economic questions: (1) what to produce, (2) how to produce, (3) how much to produce, and (4) for whom to produce.
This decision answered the economic question of what to produce
When all these plans are complete, the group has decided how to produce
The economic concept of scarcity affects their decision of how much to produce
who they are producing for they need to know more about the consumers.
Traditional economy customs,habits, and beliefs determine how the four. basic economic questions are answered.
Command economy is the government controls the economy and answers the four basic economic questions.
Market economy individuals answer the four basic economic questions based on supply and demand.
Created by: Menew13
Popular History 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