Economic Systems
This is the term for not having enough resources to satisfy every need.
What is scarcity?
The total value of all final goods and services produced in a country during one year.
What is GDP?
Items bought from other countries.
What are imports?
A tax that the government places on certain imported products.
What is a tariff?
This artist was known for his blue suede shoes.
Who is Elvis?
This singer fronted the band Queen.
Who is Freddie Mercury?
The value of the next best alternative you were not able to choose.
What is opportunity cost?
An increase in the general level of prices.
What is inflation?
This exists when a country can produce a good or service at a lower cost than other countries.
What is absolute advantage?
The government stopping the export or important of a product.
What is an embargo?
The person appearing on the front of the US nickel.
Who is Thomas Jefferson?
This actress portrayed Harley Quinn in the DC films.
Who is Margot Robbie?
This type of economy includes minimal government involvement and consumers voting with their dollars.
What is a market economy?
The formula for calculating GDP per capita.
What is GDP / population?
The situation where a country specializes in the production of a good or service because of efficiency.
What is comparative advantage?
A selected area where products can be imported duty free and then stored, assembled, and/or used in manufacturing.
What is a free trade zone?
This movie won best picture in 2024.
What is Oppenheimer?
A group of astronauts from the US explore space in hopes of finding a new home in this film starring Matthew McConaughey and Anne Hathaway.
What is Interstellar?
This is the economic shift that most developing countries make.
What is traditional to mixed economy?
The 4 phases of the business cycle.
What are prosperity, recession, depression, and recovery?
The difference between a country's total exports and total imports.
What is balance of trade?
A group of member countries (like NAFTA) agree to remove import taxes and trade barriers on products traded among them.
What is a free trade agreement?
This actor stars in films such as Footloose and Project X.
Who is Miles Teller?
Generally considered America's greatest traitor.
Who is Benedict Arnold?
The three main types of economic resources.
What are natural, human and capital?
This is the nickname for the day the stock market crashed and the Great Depression began.
What is Black Thursday?
The current USD to EURO exchange rate.
What is 1 to 0.85?
The world's largest common market.
What is the European Union?
The two main characters of The Notebook.
Who are Noah and Allie?
This TV family lived at 742 Evergreen Terrace.
Who are The Simpsons?