Economics
Refers to the economic problem of having limited resources with unlimited wants
What is scarcity?
Things that people must have to survive
What are needs
Things that people would like to have but can live without
What are wants
He has the most followers on Instagram.
Who is Cristiano Ronaldo?
The study of how individuals, governments and business make choices about allocating scare resources
What is economics
Someone who buys goods and services
What is a consumer?
Actions done for others in exchange for payment
What are services?
Tangible items that people consume or use
What are goods?
Goods and services purchased from overseas
What are imports?
Which country is currently going through a housing crisis? (300 bonus points if you can accurately explain WHY it got this bad)
What is China?
Because of how China regulates investments, real estate was the only good investment people could make, creating a huge bubble.
This is the social science that studies the production, distribution, and consumption of goods and services.
What is economics?
Which tennis player just announced they were creating a Venture Capital (VC) firm?
Who is Serena Williams?
The effort people contribute to the production of goods and services
What is labor?
Large supply and small demand causes this to happen to the price of a good or service.
What is decrease?
This is an organization run by an entrepreneur and engaged in the trade of goods and services to consumers.
What is a business or firm?
The number of "infinity stones"
What are six?
When an item leaves a country and is sold to another, it is called this.
What is an export?
A store receives 1000 rolls of toilet paper and only 200 are sold. What is the economic term for the amount of product?
What is surplus?
Measures the total production of goods and services in a country within one year.
What is GDP?
Economic system in which the government controls and sets prices
What is command/planned economy?
In a communist country, they own the property.
What is the government?
The economic system in which individuals/businesses decide what, how, and how much will be produced/sold
What is a capitalist/market economy?
Increase in cost of items over a period of time.
What is inflation?
This is the "formula" for the economy
What is C + I + G + XN?
The year of black Tuesday (first day of the Great Depression)
What is 1929?