The movie which depicts what happens in a market economy situation
What is the Queen of Versailles
100
Ms. Yu's favourite animal
What is bunnies
200
an essential fact of human life. Unlimited wants with limited resources.
What is Scarcity
200
Many goods and services are provided by the government. The three questions are answered by a central government which control all aspects of the economy.
What is a pure Command economy?
200
The law of demand states:
If prices increase quantity demand decreases
200
How much did the first tuna of 2014 cost?
What is 70,000
200
Why are diamonds intrinsically worthless?
What is because they have no use - their price is related to their rarity.
300
A starbucks coffee (physical/psychological)
What is a psychological want
300
Some drawbacks of a pure traditional economy are? (4 examples)
What is lack of change/growth, no competition, low income, lack of goods and services
300
List what happens to supply/demand/prices and quantity if the following situation occurs
the market for apples if the price of bananas increases
What is Demand will shift the right
Quantity will increase
Prices will increase
300
Why do drug dealers live with their mothers?
What is because they can't afford to live anywhere else. Contrary to popular opinion - most drug dealers make less than minimum wage due to the pyramid structure of drug dealing.
300
Sing a line from our "Friday Song"
What is "Friday, Friday gotta get down on Friday, weekend...weekend..."
400
Natural, Capital and Human
What are the three types of resources
400
Give 3 examples of a mixed economy which are more command than the U.S
What are Sweden, Canada, U.K, Norway
400
All of the demand curve shifters
What are
1. # of buyers
2. Income
3. Price of related goods
4. Tastes
5. Expectations
400
Which type of system does the Black Disciples most closely resemble?
What is a franchise
400
Name all the resources required in Settlers of Catan required to build one settlement.
What are one brick, one wood, one wheat and one sheep.
500
Satisfy wants, cannot be seen or touched.
What are services?
500
The major drawback of a pure market economy is?
What is inequality?
500
Describe what will happen to demand/supply/equilibrium price/equilibrium quantity in the following scenario.
The market for Toyota Corollas if Toyota increases prices on all Toyota cars.
What is no change to supply curve, demand curve. Price will increase and quantity demanded will decrease.
500
Why do drug dealers still remain in their jobs despite a poor wage? Give an example of another industry where they is also true.
What is tournament style job market. You must play the game to get to the type. Ex) Football players or actors.
500
Name the president (last name) of the De Beers mining corporation