Basic Economic Concepts
What is the definition of scarcity?
Unlimited wants + limited resources
When price goes up, what happens to quantity demanded?
It goes down
Who is the Queen?
Queen Z duhhh!
Word for money earned form doing work
Income
Hometown
Flint
In economics, what is a “trade-off?”
Giving up one thing in order to get something else.
What happens to the supply curve when production becomes cheaper?
Supply increases (shifts right)
The Bane of my existence!!!
Wegdan
If you spend more than you make congratulations, you now have…
Debt
What kind of car does the professor drive?
(Jeep) Grand Cherokee
What do we call the next best alternative you give up when making a choice?
Opportunity cost
What is a shortage?
When quantity demanded is greater than quantity supplied.
Sister Sister
Young Lak
Eggs were $1 last year, now they’re $4. This is called….
Inflation
What is the professor’s favorite song?
99 Problems
What 3 questions does an economic system answer?
“what to produce, how to produce, and for whom to produce it for”
If a celebrity promotes a product, what curve is affected?
Demand curve shifts right.
Asks too many Questions!!!
Mariam
Known as the “bank for banks” and controls the U.S. money supply.
Federal Reserve
What is the Professor’s weakness?
Bad B!*@#%s
What economic systems did we cover in class?
Market, command, mixed economy
What do we call the point where consumers and producers agree on price?
Market Equilibrium
The gang!
Boys Rule!
You travel to another country where $1 from your town no longer buys $1 worth of goods.
Currency Exchange
Who is the Professor’s favorite student?
All of y’all! 💪🏾