Vocab
This is the total value of goods and services produced in a country.
GDP
People rushing to withdraw money from banks at the same time.
Bank Run
This occurs when inflation and unemployment happen at the same time.
Stagflation
Gas prices rising from $2 to $4 per gallon is an example of this
Inflation
What college did Mrs. Johnson attend?
SDSU
A general rise in prices over time.
Inflation
On what day did the stock market crash?
Black Tuesday (Oct 29th, 1929)
Businesses and government officials favoring one another for mutual benefit.
Cronyism
One company controlling all steel production is an example of this.
Monopoly
We have two exchange students in this class - where are they from?
Italy & Germany
When one company controls an entire market or industry.
Monopoly
This president created the New Deal programs.
FDR - Franklin Delano Roosevelt
An economic system with little government regulation.
Laissez-Faire Capitalism
Minimum wage laws are an example of this.
Price Floor
Name one place that is on the background/desktop of my board.
Greece, Peru, Morocco, Alaska, Italy (?)
Buying stocks using borrowed money.
Buying on Margin
This U.S. program helped rebuild Europe after WWII.
The Marshall Plan
Karl Marx believed this caused inequality.
Private Property
A country specializing in making cars instead of wheat because it gives up less is an example of this.
Comparative Advantage
Draw minnesota by memory (closest gets the points)
Answers will vary.
A minimum legal price set above equilibrium price.
Price Floor
The unemployment rate during the Great Depression reached around this percentage.
25%
The “invisible hand” idea was created by this economist.
Adam Smith
A store running out of Owala water bottles because prices were kept too low is an example of this.
Shortage
Name ten U.S Presidents
Answers will vary