$Money$ & its Characteristics
Banking, Saving, & Investing
Economic Thinking
Scarcity, Trade-Offs
Super Random Trivia
100
Name 1 of the 3 basic functions of money.
1.Medium of Exchange
2.standard of value
3.store value
100
What is a bank's main job?
a)To print money
b)To bring together savers & buyers
c)To loan money
b)To bring together savers & buyers (financial intermediary)
100
Who wrote The Wealth of Nations and is known as the "father of modern economics"?
Adam Smith
100
What is the difference between scarcity and a shortage?
Scarcity is permanent (forever)
Shortage is temporary
100
Draw your best rendition of Tralalero Tralala
200
Define Divisibility
Easy to split into smaller amounts.
200
How do banks make a profit?
By charging higher interests on loans
200
What is the difference between Goods & Services?
Goods: Physical, touchable objects you can buy (e.g., cell phones, clothing, popcorn).
Services: Tasks done for you by others (e.g., haircuts, teachers, bus drivers)
200
What is opportunity cost?
The value of the next best choice that you give up when making a decision.
200
In what year did Rancho San Juan first open?
2019
300
Define "Portability"
Convenient for both parties to use
300
What is a "CD" and what does it do for savers?
Certificate of Deposit- gives savers a higher return for putting their $ into a CD
300
Give 1 example of a positive incentive & 1 example of a negative incentive
Positive: Extra credit points or grades
Negative: Fines or jail time
300
Based on Robinson Crusoe's PPF graph, if Crusoe moves from Point A (40 coconuts, 0 fish) to Point C (20 coconuts, 20 fish), what is his opportunity cost?
20 coconuts (the loss of 20 coconuts in exchange for gaining 20 fish)
300
What is the chemical symbol for Titanium?
Ti
400
Name 3 of the 6 main characteristics of Money
1.Acceptability 2.Scarcity
3.Portability 4.Durability
5.Divisibility 6.Uniformity
400
Most retired people support themselves using 3 sources of money. What are they?
1.Social Security
2.Company retirement plans
3. Personal Savings
400
Which principle states that limited resources force us to make choices?
Scarcity Forces Trade-Offs (the "No Free Lunch" principle)
400
Name the 4 Factors of Production used to make goods and services
1.Land
2.Labor
4.Capital
5.Entrepreneurship
400
Write the quadratic formula?
500
Our money supply today is made up of what 2 things?
Currency and checkable deposits.
500
How does saving money in banks help the economy grow?
Bank savings fund loans for businesses to buy goods (ex: equipment/factories), expanding production and jobs which also leads to more people saving in a bank
500
Explain Adam Smith's "Invisible Hand" metaphor
The "Invisible Hand" guides human affairs in order to explain how markets naturally coordinate trade w/out gov't control
500
Fill in the blank: Economists use a tool called the ____________________ to measure tradeoffs
The Production Possibilities Frontier (PPF)
500
What is the mass of the Sun?
1.989 X 1030 kg