Vocabulary
Limited supply of goods and services, but the demand for them is infinite.
What is scarcity.
This is the term for tracking income and expenses to ensure you're not overspending.
What is Budgeting.
Name at least one thing Adam Smith thought of.
If you get all three you get 300 pts.
What is the Invisible Hand, Division of Labor, or Wealth of Nations.
What happens to the price of a good when demand increases and supply remains constant?
What is the price goes up.
The term for a share of ownership in a company?
What is a Stock.
This is the worth given to a good or service based on people's preferences and outside factors, which can change even if the item itself stays the same.
What is Value.
This three-digit number determines your ability to get a loan and your interest rate.
What is Credit Score.
This person is the President and CEO of eBay.
Who is Margret Whitman.
If a product has many substitutes, what happens to the demand for that product if its price increases?
What is the demand decreases.
The name of the index that tracks the 30 largest publicly traded companies in the U.S.?
What is the Dow Jones Industrial Average (DJIA).
When tasks in production are divided among people or groups based on random factors, causing them to specialize in one area.
What is Division of Labor.
The cost of using someone else's money, calculated as a percentage, which increases exponentially the longer you avoid repaying the amount.
What is interest.
Free 300 points if you know how old Mr. Hoffman is.
What is 26.
The term for when the quantity supplied equals the quantity demanded?
What is market equilibrium.
The term for a stock that is traded on the New York Stock Exchange (NYSE) and represents ownership in a company?
What is Common stock.
This refers to the skills and abilities of people, which can increase or decrease based on the market and what organizations need.
What is Human Capital.
This financial term refers to the money you owe, such as loans or credit card balances.
What is debt.
When Adam Smith was 14 he focused on...
What is philosophy.
The graphical representation that shows the relationship between the price of a good and the quantity demanded.
What is the demand curve.
The term for a strategy of buying and holding stocks for the long term rather than trying to time the market?
What is Buy and hold strategy.
A system where nations or regions depend on each other, making them vulnerable to disruptions, even if self-sufficiency seems more efficient.
Economic Interdependence
This is the deadline to file your federal income tax return in the U.S.
(Double Points)
What is April 15th.
Margret Whitman's willingness to listen is called by her...
What is "The Power of All of Us."
An increase in the price of a good will increase the quantity supplied.
What is the law of supply?
The term for the risk of losing money in the stock market due to market fluctuations?
What is Market risk (or systematic risk).