Basic Economics
Economic Theories
Economic Phases
Current Events
Economic Systems
100

The driving force behind 70% of all economic activity in the USA

What is consumer spending?

100

This economic theory is perfect and works great every time that it is implemented. 

What is no economic theory ever?
100

The four phases of the economic cycle.

What are Expansion, Peak, Recession, & Trough?

100

The current federal minimum wage AND the year that it went into law.

What is $7.25 and 2009?

100

The economic system that has the government controlling all industries and making all decisions. 

What is a Command economy?
200

The study of how a society uses its limited resources

What is Economics?

200

The economic theory that suggests the government should stimulate the economy by spending money to get out of a recession.

What is the Keynesisn Economic Theory?

200

Gross Domestic Product is a great quarterly or annual measure of this. 

What is Growth?

200

The effects of this decision will lift close to a million people out of poverty but will raise expenses for most businesses. 

What is raising the minimum wage?

200

The economic system that the USA initially incorporated and that is still mostly around today. 

What is a Market economy?

300

The value of what someone gives up when choosing option A over option B

What is opportunity cost?

300

Another name for Supply-Side Economics.

What is Trickle-Down economics?
300

The number of consecutive quarters that an economy has to have a dropping or negative GDP to technically be in a recession. 

What is 2?

300

The 2 groups of people who are typically impacted the hardest during any recession

Who are people of color and/or poor people?

300

The right to own private property. The right to start a business and compete in a marketplace. The right to make a profit. 

What are rights under a market economy?

400

This one word can describe the basic economic problem for ANY country

What is scarcity?

400

The economic theory that suggests the government should cut taxes of businesses & of the wealthy leading to the creation of more jobs.

What is the Supply-Side Economic Theory?

400

Unemployment is at its highest point in this economic phase.

What is the Trough?

400

This economic recession had more of a V shaped recovery after a sharp decline. 

What is the COVID recession?

400

The reason why every modern economy on Earth has a mixed economy.

What is because it offers countries the advantages of combining the Market and Command economic systems into 1 system.

500

Name the 4 factors of production (or categories of resources used to make goods and services)

What are Natural Resources, Human Resources, Capital Resource, & Entrepreneurship?

500

A common critique of the Supply Side Economic theory.

What is the lack of financial benefits actually trickling down to the middle/lower classes of society?

500

Consumer Confidence is an important measure the economy because...

(What is) If consumers are confident, they will more easily spend their money on goods/services, thus contributing to a growing economy. 

500

The specific root cause that lead to the Housing Market crash and the Great Recession in 2008. 

What is de-regulation of huge investment banks that lead to sub prime mortgages being offered to many Americans, leading to mass foreclosures?

500
As a group, provide a reasonable example of a government incorporating basic regulation to balance out a pure market-based economic system (that we have not discussed in class). 
Explain your answer to Mr. Bell for points. 
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