Concepts
What is income inequality?
How unevenly income is distributed throughout the population
What is an opportunity cost?
the loss of potential gain from other alternatives when one alternative is chosen.
Give three reasons to increase the minimum wage
Improve standard of living, help parents provide for kids, reduce dependence on government, etc
Toilet paper, flour, masks, etc
What video game won game of the year last year?
Elden Ring
What do we call an excess of production or supply over demand?
Surplus!
What is scarcity?
the state of being scarce or in short supply; shortage.
What are the three economic systems?
What does a supply shortage cause to happen to price?
The price increases
What is the name of the actress that plays Wednesday?
Jenna Ortega
What is it called when demand and supply are balanced?
Equilibrium!
What is a monopoly?
A situation where there is a single seller in the market
What are 3 scarce resources?
Labor, clean air, gold, oil, etc
What happened to the price of cars in the last couple years when there was a shortage of parts to make them?
What are the three Marvel movies coming out this year?
Antman 3, Guardians of the Galaxy 3, and the Marvels
What makes something scarce?
the demand for a good or service is greater than the availability of the good or service
What is an incentive? Give an example
a thing that motivates or encourages one to do something. Ex: incentive to go to school is to get good grades to be able to go to college
Give three legitimate reasons (supported by economics) to NOT raise the minimum wage?
It could cause inflation, lower skill workers lose jobs, younger workers disadvantaged, etc.
What will happen to the demand of substitute ingredient B if ingredient A's price goes up?
It will increase
Name two movies nominated for the Oscars this year
Fablemans, Banshees, Avatar 2, Top Gun, All Is Quiet on Western Front, Women Talking, Everything Everywhere, Triangle of sadness, elvis, Tar
What is an economic system that has some government regulation but allows businesses to operate freely?
Mixed economy
he circular flow model demonstrates how money moves through society. Money flows from producers to workers as wages and flows back to producers as payment for products. In short, an economy is an endless circular flow of money
Name TWO things that are NOT scarce
Garbage, air, people, etc
What is something that is always demanded, no matter the price of it?
Oil, prescription drugs, water, etc
What is the most watched season of TV ever on Netflix?
Squid Game