Intro to Economics
The terms for there being not enough of something.
What is scarcity?
A pizza, a laptop, and a phone are examples of these.
What are goods?
What are raw materials?
Card that uses money from your checking account.
What is a debit card?
A total economic collapse.
What is a depression?
When you buy a video game instead of a pizza, the pizza is this.
What is opportunity cost?
Uber, plumbing, and tutoring are examples of these.
What are services?
Allows items to be made cheap and quick.
What is mass production? (Assembly line is also fine)
The three letter acronym for the interest you pay yearly on a credit card.
What is APR?
A time of economic growth and prosperity.
What is an expansion?
A type of economic system where businesses drive the economy with little to no government intervention.
What is a market economy?
Everything that involves trying to get a product to the consumer.
What is marketing?
What are raw materials, production, transportation, warehousing, and retail?
How banks make money.
What are loans and interest?
The event that kicked off the Great Depression. (Date needed)
What was the stock market crash of 1929?
A type of economy where the government controls the means of production.
What is a command economy?
The specific way a product is shown to the consumer.
What is advertising?
List 2 events that could disrupt supply chain. (Answers may vary)
Answers may vary
A small ownership of a publicly traded company.
What is a stock?
Poor neighborhoods named after who people thought was to blame for the depression.
What were 'Hoovervilles'?
What is a traditional economy?
An example of a good and a service being bundled together. (Answers may vary)
Answers may vary.
A supply chain that spans across multiple different regions and countries.
What is a global supply chain?
Spreading your investments across multiple different assets.
What is diversification?
Created social programs that helped alleviate the effects of the Great Depression.
What was the New Deal?