Name that Robber Baron!
Principles of Economics
Big Business, Small Business, My Business
Name that Economic System!
The Muckrakers: Uncovering Injustices
100
This man was arrogant, proud, stubborn, and really good at BANKING.
J.P. MORGAN
100
Ms. B is selling Oreos. She has only 20 Oreos, but only 3 students are interested. She had planned to sell the Oreos for $10 a cookie, but given that she only has 3 students currently interested, how will she change the price to get more kids to buy?
LOWER THE PRICE
100
The largest (wealthiest) company in the world is:
WAL-MART
100
In this type of economy, most people live on farms and grow crops or raise animals to either sell or eat.
AGRARIAN ECONOMY
100
Jacob Riis was the first photographer to expose ______.
the living conditions of poor people
200
This man made his money by establishing the Standard Oil Company and practically creating a monopoly by integrating vertically (taking over his transportation)
John D. Rockefeller
200
The basic economic problem is __________.
SCARCITY: There is never enough for what everyone wants.
200
When big businesses move into a community, how do they affect the small businesses that are already there?
Because they offer lower prices and tend to have more power with the government, they can put the smaller businesses out of business.
200
In this type of economy, most people make a living by working for small businesses, doing office work for big businesses, or investing in corporations.
CORPORATE/CAPITALIST ECONOMY
200
Nellie Bly went undercover as an insane woman in order to expose _________.
the poor treatment of mentally ill women in insane asylums.
300
This man made his money in steamships, shipping, and railroads. He established a university with his fortune.
VANDERBILT
300
When the economy doesn't seem to be treating everyone fairly or giving everyone opportunities, who do people go to for help?
THE GOVERNMENT
300
When you designed your own business, what were 5 of the questions you had to answer as you made a business plan?
Product description (what makes it unique, necessary; what problem it solves), who your product is intended for, how you will convince investors to invest in your product, how many people and whom to hire, what materials you need to buy, what kind of space you need to rent, if you want to own your own business or have shareholders
300
In this type of economy, most people work in factories, manufacturing products for people to buy.
INDUSTRIAL ECONOMY
300
In Upton Sinclair's THE JUNGLE, it was revealed that Durham's Canned Meats company was doing what? (Name at least 2 things)
Selling rotten butter, selling all the same "meat" as the same grade meat, labeling things as "chicken" that aren't chicken at all.
400
This man grew up poor (both his parents had worked in factories), but worked his way up from a messenger to a train worker to become a great investor in STEEL.
ANDREW CARNEGIE
400
In order to give people the time to become great experts at certain things, we split up jobs. In this way, each person has a very specific role. One example of this is that you have a foot doctor, an eye doctor, a dentist, a stomach doctor, or a brain doctor (neurosurgeon). This is called _________.
SPECIALIZATION
400
Why do brands work so hard to get teens to know their brand names and logos?
TEENS ARE THE COOL PEOPLE SO OTHERS WILL FOLLOW IN THEIR FOOTSTEPS; TEENS ARE LIKE BILLBOARDS, VERY PEER ORIENTED- WILL CONVINCE OTHERS TO BUY; IF YOU CAN CONVINCE A TEEN, YOU GET BRAND LOYALTY FOR LIFE
400
Why does a COMMUNIST economy have zero unemployment AND how do people acquire goods, food, and housing if there is no money?
The government assigns jobs, apartments, food rations, clothing, household objects, etc.
400
Ida Tarbell's expose brought John D. Rockefeller to the Supreme Court for...
conspiring with transportation agencies to give him an unfair advantage over other oil companies (cheating in businesses by operating a MONOPOLY)
500
When companies grow so big that the owners don't know their workers any more, and the owners are just trying to make as much profit as possible, what tends to happen to workers and labor rights?
Workers become abused, become injured, are paid too little, get sick without benefits or protection, etc.
500
Tom and Larry are deciding whether to go on vacation to Puerto Rico or to go white water rafting in Vermont. The all-inclusive vacation to PR is $650 each. The white water rafting trip is $100 each. They decide to go to Puerto Rico. What is the opportunity cost of their choice?
The chance to go white water rafting in Vermont.
500
Explain horizontal and vertical integration using gasoline as an example.
Horizontal: buying other gas stations / Vertical: buying the oil wells, trucks, refinery, etc.
500
An agrarian economy usually develops into which type of economy? Why does economic progress usually move in this direction?
AGRARIAN ECONOMIES BECOME INDUSTRIAL ECONOMIES WHEN NEW TECHNOLOGY IS BROUGHT IN.
500
Name at least 2 government laws or agencies that were established because of the Muckrakers.
FEDERAL TRADE COMMISSION, PURE FOOD AND DRUG ACT (FOOD AND DRUG ADMINISTRATION), MEAT INSPECTION ACT
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