Fundamental Econ
What is opportunity cost?
the most desirable alternative given up as the result of making a decision.
What are the 3 main types of businesses?
Sole proprietorship, partnership, corporation/franchise.
What is an example of a price floor?
Minimum wage.
What is an embargo?
Completely cutting off trade with another country.
Which planet in our solar system is the only one to rotate colckwise?
Venus
How many teeth does an adult human have (including wisdom teeth)?
32
List 2 ways a business can increase productivity.
New technology, specialization, investing in more capital, investing in better benefits for employees, etc.
If the cost of materials changes, will that effect supply of demand?
Supply
Why doesn't the government print more money when the country is in a budget deficit?
Printing too much money causes inflation.
Name one characteristic of a developing country?
High poverty, low GDP, low income, high unemployment, low education, etc.
Which fruit has no seeds in it?
Bananas
The first civilization to develop a written language?
Sumerians
What are the 4 factors of production?
Land, labor, capital, entrepreneurship.
What is the law of demand?
As the prices of a good increase the demand will decrease, and if the price of a good decreases the demand will increase.
What is a proportional tax?
A tax that is the same rate for everyone.
This term refers to a decline in a currency's value in the exchange rate system.
Depreciation
Which constellation is represented by twins?
Gemini
What is a group of flamingos called?
A flamboyance
What is the difference between a command and a free market economy.
Command: economy is regulated by the government
Free market: no government interference in the government.
Which type of business is the hardest to start?
Corporation
What are the 4 stages of the business cycle?
Peak, contraction, trough, expansion.
List 3 countries that are considered developed by the UN.
U.S., Canada, Japan, UK, France, Japan, Australia, Italy, Switzerland, etc.
Who is the Roman god of war?
Mars
What is the most streamed song ever?
Blinding Lights by The Weekend (5.4 billion)
Identify one country or region in the world where a traditional economy is practiced.
Parts of Brazil, the Amish, parts of Africa, indigenous groups in the arctic.
Give one example of something that would cause a demand curve to shift to the left.
Price increase, better options elsewhere, poor quality.
Why is monetary policy utilized more than fiscal policy to regulate the economy?
Fiscal policy is directly controlled by Congress and the President and if the policy is unsuccessful it can hurt that administrations approval ratings.
Identify a political reason why a country might be struggling to develop.
War, changes in government leadership, genocide.
What are the first names of the Wright Brothers (built the first successful airplane)?
Orville and Wilbur
Which state has the most documented venomous species?
Arizona