Economic Terms
The study of how individuals and societies make decisions about resources, production, distribution, exchange, and consumption of goods and services, given unlimited and competing wants, and given the scarcity of resources is:
a) Social science
b) Economics
c) Inflation
b) Economics
Small-scale economics such as individuals, managers and decisions made by businesses is what we call:
a) Microeconomics
b) Macroeconomics
a) Microeconomics
The Demand acronym BITER stands for what?
a) Buyers, Income, Tastes, Expectations, Related Goods
b) Buyers, Investments, Tastes, Execution, Related Goods
c) Buyers, Income, Testing, Expecations, Rated Goods
a) Buyers, Income, Tastes, Expectations, Related Goods
The Law of Demand states that, as the price of an item goes up, consumer demand for that item __________.
a) Increases
b) Decreases
b) Decreases
According to the Department of Agriculture, one-third of the calories Americans consume come from ____________; almost double what it was three decades ago.
a) TV dinners
b) Protein shakes & supplements
c) Restaurants
c) Restaurants
The three economic terms that every society must answer are:
1)
2) How will we produce?
3) Who gets what is produced?
1) What will we produce?
The reality that people’s wants always exceed the resources available to fulfill those wants is:
Scarcity
The Supply acronym TONERS stands for which of the following?
a) Technology, Other Goods, Number of Sellers, Execution of Tasks, Recall Costs, Subsidies/Taxes
b) Technology, Other Goods, Number of Sellers, Expectations, Resource Costs, Subsidies/Taxes
c) Tariffs, Other Goods, Number of Suppliers, Expectations, Readjustment Costs, Subsidies/Taxes
b) Technology, Other Goods, Number of Sellers, Expectations, Resource Costs, Subsidies/Taxes
Name an item that would be considered to have "elastic" demand.
(answers will vary)
According to Sheldon Jacobson of the University of Illinois, the added weight carried by vehicles due to _________ in America consumes an additional 938 million gallons of gasoline a year.
a) Obesity
b) Grill guards / chrome fittings
c) Having more children
a) Obesity
Taking sugar, and using it to bake cookies increases the sugar's:
a) Time utility
b) Form utility
c) Place utility
b) Form utility
Describe why businesses and nations care about productivity.
For large and small businesses alike, productivity is a critical measure of a company’s health.
Using the Supply Equation, answer this question: how many units of a product would a producer supply if the base supply was 40, the "d" value was 3, and the price was: $10?
70 units
Describe inelastic demand, and one product that would fall into this category.
Inelastic demand refers to products for which prices do not affect demand as much, because consumers will always buy them regardless of how much they cost. Examples would be cigarettes, gasoline, and salt.
a) Lack of communication
b) Poor management
c) Sleep depravation
c) Sleep depravation
Houses are expensive in today's market because there is too much consumer demand, and not enough supply. This means that those who are selling homes can charge however much they want to, because they have the advantage. Buyers do not. This is considered what type of market?
Seller's Market (where the advantage goes to the people selling products, not the consumers who are buying them).
There are three economic resource types we learned about in class. They are: land (natural), labor and capital. Describe what "capital" means.
Capital is any physical tool that is used to complete a task (such as computers, machinery, equipment and buildings).
Using the Supply Equation, answer this question: how many units of a product would a producer supply if the base supply was 50, the "d" value was 5, and the price was: $20?
150 units
Draw and solve this graph on the board:
If Electronic Arts decided to temporarily lower the price of Madden 26 for Black Friday sales, what direction would the demand for the game shift?
(price would shift down; demand would increase. Therefore, the line on the graph shifts to the right)
(this) is estimated to contribute $15.7 trillion to the global economy by 2030.
a) Artificial Intelligence (AI)
b) Cryptocurrency
c) Real Estate
a) Artificial Intelligence (AI)
Private consumer spending, private domestic investment, government spending and investment, and ?
Net exports
Name the four types of economic utility we learned about in class.
Form, place, possession, time
Using the Demand Equation, answer this question: how many units of a product would a customer buy if the starting demand was 210, the "b" value was 4, and the price was: $30?
90 units
Draw and solve this graph on the board:
The price of Red Bull energy drink just went from $3.29 to $3.99. What direction will the supply line shift on the graph?
(price would shift up; supply line would shift forward)
Fun fact: hotel bathrooms used to be shared. The first American hotel, the Statler in Buffalo, NY, was the first to offer every guest a private bathroom. They didn't open until (this) year.
a) 1896
b) 1908
c) 1955
b) 1908