Easy Vocab
Currency used in exchange for goods
What is money?
DOGE is an acronym
What is Department of Government Efficiency?
A social science that studies how people make choices to allocate scarce resources, which are used to satisfy unlimited wants and needs
What is economics?
The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity
What is macroeconomics?
The quality or condition of being self-sufficient
What is self-sufficiency?
Those who buy and use goods
Who are consumers?
Two people discussed the idea of DOGE before it was enacted
Who are Donald Trump and Elon Musk?
An expert in economics
Who is a economist?
The part of economics concerned with single factors and the effects of individual decisions
What is microeconomics?
Distribute for a particular purpose
What is allocate?
Limited resources and unlimited wants
What is scarcity?
Doge was enacted on this date
When is January 20th 2025?
The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services
What is the economy?
Raw materials found in the environment that humans use for various purposes
What are natural resources?
The state or quality of producing something
What is productivity?
A good that requires labor
What is a service?
DOGE has stated to have saved an abundance of money
What is $160 billion?
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Who is an entrepreneur?
The loss of potential gain from other alternatives when one alternative is chosen
What is opportunity loss?
Exchange (goods or services) for other goods or services without using money
What is barter?
The situation where making a choice means giving up the opportunity to do something else
What is a trade-off?
Someone suggested that DOGE should give every taxpayer household $5,000
Who is James Fishback?
The price of one country's currency expressed in another country's currency
What is the exchange rate?
The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency
What is division of labor?
The process of concentrating on and becoming expert in a particular subject or skill
What is specialization?