History of Economics
Where was salt first used as a currency?
Ancient Rome
What economic concept sets the prices of goods?
The Law of Supply and Demand
What is the name of the country with one of the freest free market economies in the world?
Singapore
What is the name of the business structure that has the smallest amount of competition and it illegal in the United States?
Monopoly
What is the most common way that people get a job?
Networking
What is economics the study of?
Choices / Decisions
What economic concept is the motivation to make a decision?
An Incentive
What company was famous for hiring a terrorist group to kill employees who were on strike?
Chiquita
What are two economic recessions we learned about in class?
Great Depression, Great Recession, 1st/2nd Oil Shock, 1st/2nd Inflation Crisis, Post WWII/Korean War Recession, Covid 19 Recession, Dot Com Recession, Savings & Loan Recession, Recession of 1949/1960
What is the name of the money you pay for an expensive medical bill under a health insurance plan? [And The Insurance Company pays the rest]
Deductible
Where was wheat first used as a currency? What was the problem with using wheat as currency?
Mesopotamia. It would spoil.
What is the economic concept that results from using too much of a single given resource and getting worse results over time?
The Law Of Diminishing Returns
What company was famous for infecting people with AIDS?
Bayer
In advertising, what is the name of the demographic most likely to buy your product?
Target Demographic
What is the highest percentage of your salary that you should spend on rent?
30%
What is the difference between representative paper currency and fiat paper currency?
Representative: backed by gold
Fiat: Backed by faith/ government
What economic concept results from unlimited wants, but limited resources?
Scarcity
What are three examples of free market policies?
What are three examples of regulated market policies?
Free: Lower taxes, make drugs legal, get rid of business regulations, etc.
Rguated: Raise taxes, make drugs illegal, add more business regulations, etc.
Other than Nestle, what are two of the 10
companies that own over 40% of all grocery
products/companies?
P& G, Coca-Cola, PepsiCo, Uniliever, General Mills, Kellogg's, Mars, Mondelez (Or KRAFT), Johnson & Johnson
Name a website that can help you do the following:
Find a job
Find an apartment
Compare credit card information
Indeed, Monster, Career Builder
Zillow, Apartments.com, etc
Nerdwallet