Definitions
What is scarcity?
The demand for a product outweighs the supply
Who played the main character?
Brad Pitt
Who ran the scandal?
Rick Singer
What is a Ponzi Scheme?
An investment fraud that pays existing investors with funds collected from new investors
What was our company's name that won
Gas on the Go
What is a market (in econ terms)
Any place people come together to trade.
Why was Peter different than the other old men?
He used data to calculate a players worth and skill.
What was the main purpose of the scandal?
Rich people paid their way into colleges by lying about their resume.
What was the final straw that uncovered Madoff's Ponzi Scheme
The Stock Market Crash caused people to rapidly take money out of their investments- he didn't have enough to pay them back
What's Ms. Geraghty's favorite dog breed?
None. She doesn't like dogs :(
What is demand (3 parts)
1- The willingness and ability of buyers to purchase different quantities of a good
2- At different prices
3- During a specific period (per day, week, etc.)
How much did Billy get offered by the Red Sox?
12 million
What are the costs and benefits associated with the decision these parents made? (name 1 of each)
Responses may vary
Why didn't the SEC catch Madoff at first?
They were friendly with him and knew how to change the topic. He was also very good at hiding his scheme - fridge
Who is the richest person in America?
Elon Musk!- give us money please
What is a rationing device? (name 2)
A mechanism used to determine who gets what of available limited, goods and resources.
What team was Billy the GM for?
Oakland As
Was Rick Singer ever punished for his crimes? If so how?
Sentenced to 3.5 years in jail
Who ran the 17th floor?
Frank DiPascali
Ulysses S. Grant
Complements
Two goods that are used jointly in consumption. If two goods are complements, the demand for one rises as the price of the other falls (or the demand for one falls as the price of the other rises).
Sing the song the daughter sang at the end
What score did the girl who was presented in the documentary get on her ACT (that her parents paid someone else to take for her)
34
What was the name of the man who alerted the SEC three times of Bernie Madoff's potential scheme?
What was the name of our project's most prized employee? (hint: he was employee of the month four times)
GARY!!!!!