Intro to Economics
Economic Systems
Supply and Demand
Markets
Money, Banking, Investing, and Saving
Entrepreneurs and Business Organizations
100
Any arrangement that brings buyers and sellers together to do business with each other is known as a
Market
100
A stateless, classless society envisioned by Karl Marx is known as...
Communism
100
This economic principle states that as prices go down, the quantity demanded increases.
The Law of Demand (must write this exactly)
100
This occurs when the quantity of a good supplied matches the quantity demanded.
Market Equilibrium or Equilibrium
100
A business that receives deposits and makes loans
Bank
100
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Entrepreneur
200
Is this PPF constant or increasing?
Increasing
200
The ability to make our own economic decisions without interference from the government is known as
Economic Freedom
200
Determine amongst your group how much you wish to wager. You can bet 0 or your entire score. If you get it correct, you double your wager. If you guess incorrectly, you lose the amount you wagered.
Mr. Reynolds will give you the question.
Draw out a supply and demand graph, with all labels included. Show the shift in equilibrium and provide the determinates (there may be more than one possible answer, only give 1 answer for supply AND demand each.)
Prompt:
The price of oranges skyrocket due to a poor harvest in Florida. At the same time, the government decides to subsidize apple farming. Show the shift in supply and demand for APPLES. Provide the determinants and the new equilibrium.
200
A type of market where competition is strongest.
Perfect Competition
200
List 2 characteristics of money
Acceptable answers:
Acceptability (people will accept it)
Scarcity (limited supply)
Portability (you can take it places)
Durability (can withstand wear and tear)
Divisibility (can divide into smaller amounts)
Uniformity (all dollars are worth the same value)
- Alternative Answers:
Medium of Exchange
Standard of Value
Store of Value
200
business owned and managed by one person
Sole Proprietorship
300
the process of concentrating on and becoming expert in a particular subject or skill.
Specialization
300
a political and economic theory that calls for property to be owned by society as a whole, rather than individuals, for the benefit of all.
Socialism
300
When a person earns more money, this demand determinant influences what they buy.
Consumer Income
300
The type of market structure in which only one producer dominates the market.
Monopoly
300
An account that allows the account holder to deposit or withdraw money.
Checking Account
300
List three responsibilities of businesses
Obtaining licenses and permits
Paying taxes
Dealing honestly
Honoring contracts
Creating an equal opportunity workplace
Protecting whistleblowers
Ensuring product safety
400
Oil, Coal, and Natural Gas are all examples of what kind of resource?
Non-renewable
400
Production and Distribution is based on tradition and culture. Ie: Women produce the clothes, men raise cattle or hunt. Chieftains get a larger portion than the rest of the tribe OR all tribe members get equal distribution of goods.
Traditional Economy
400
If a new machine is capable of increasing the production of cars, this is an example of which determinant of supply?
Technology
400
Where is the price of a given good most likely to be in a market structure of perfect competition?
Price Equilibrium or Equilibrium
400
List three ways you can fund your retirement.
Social Security, Company Retirement Plans, and Personal Savings
400
a business that is owned and operated by a group of individuals for their shared benefit.
Cooperative
500
the dependence of two or more people or things on each other is known as
Interdependence
500
Where economic decisions are made and influenced by individual producers and consumers, as well as the government.
Mixed Economy
500
The concept that explains why the second slice of pizza brings less satisfaction than the first.
Diminishing Marginal Utility or Law of Diminishing Marginal Utility
500
a market structure characterized by many firms selling differentiated products, allowing them some control over price but facing competition from similar products.
Monopolistic Competition
500
At a 7.2% interest rate, year over year, how long would it take to double a savings investment of $3000?
10 years.
500
List 2 disadvantages of starting a corporation
Complexity of Start-Up
Loss of Control
More government regulation
Double taxation