Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
Unit 6
Wild Card
EXTREME WILD CARD!!! [x10]
100
The production, distribution, and consumption of goods and services is known as the
Economy
100
This economic principle states that as prices go down, the quantity demanded increases.
The Law of Demand (must write this exactly)
100
A business that receives deposits and makes loans
A bank
100
A mandatory payment to the government.
Taxes
100
An increase in the overall price level of goods and services produced in an economy. This typically results in the value of a dollar to decrease over time.
Inflation
100
This is the system that links countries through trade.
Global Economy
100
This term describes the value of the next-best alternative given up when making a decision.
Opportunity Cost
100
This type of good is both non-excludable and non-rivalrous, meaning people cannot be easily prevented from using it and one person’s use does not reduce availability to others.
Public Good
200
Who is considered the "Father of Capitalism"?
Adam Smith
200
If computer chips become more expensive, how does this affect computer supply?
Decrease
200
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Entrepreneur
200
A resource that everyone has access to and that can easily be overused or destroyed. Examples include the atmosphere and the oceans
Common Resource
200
A statistic that helps economists judge the health of an economy.
Economic Indicator
200
A tax placed on imported goods.
Tariff
200
A bonus paid to workers for meeting a goal is an example of this economic concept.
Incentive
200
This system allows banks to lend out a portion of the deposits they receive while keeping some in reserve.
Fractional Reserve Banking
300
Who is considered the "Father of Communism"?
Karl Marx
300
Name one determinant of supply
Production Costs, Technology, Number of Sellers, Government Policies, or Price Expectations are all acceptable answers
300
business owned and managed by one person
A Sole Proprietorship
300
A tax that takes a larger share of income as income increases.
Progressive Tax
300
The market value of all final goods and services produced in a given period of time.
The Gross Domestic Product (GDP)
300
Exchange rates determined by supply and demand.
floating exchange rate
300
This law states that as the price of a good decreases, consumers will buy more of it.
The Law of Demand
400
the process of concentrating on and becoming expert in a particular subject or skill.
Specialization
400
The type of market structure in which only one producer dominates the market.
Monopoly
400
An account that allows the account holder to deposit or withdraw money.
Checking Account
400
A tax that takes a smaller share of income as income increases.
Regressive Tax
400
The percentage of the labor force that is actively seeking employment is known
Unemployment Rate
400
Imposing one culture on another.
Cultural Imperialism
400
This condition occurs when quantity supplied equals quantity demanded.
Equilibrium
500
Trees, Forests, and Fish are all examples of what kind of resource?
Renewable Resource
500
A market structure where a few large companies control most of the industry.
Oligopoly
500
a business that is owned and operated by a group of individuals for their shared benefit.
Cooperative
500
The establishment, by the government, of rules aimed at influencing the behavior of firms and individuals.
Regulation
500
How do you calculate a nation's GDP?
C + I + G + NX = GDP
500
Trade agreement between the U.S., Canada, and Mexico.
NAFTA
500
This type of tax system requires higher-income individuals to pay a larger percentage of their income.
Progressive Tax
600
When you open up a bag of potato chips and enjoy the first potato chip, but as you continue eating, the satisfaction gradually diminishes. This is an example of what law of economics?
Diminishing Marginal Utility
600
The price of lumber increasing is an example of which determinant of supply?
Production Costs
600
If you wanted to know how long (in years) it would take for an investment to double, what rule would you use?
Rule of 72
600
What are the four Maxims of Taxation according to Adam Smith
Equity, Certainty, Convenience, Efficiency
600
This happens when a person seeks to enter the workforce or quits one job to seek another.
Frictional Unemployment
600
Living on less than $1.25 per day.
Extreme Poverty
600
This term refers to a sustained increase in the overall price level in an economy.
Inflation
700
What is the opportunity cost of shifting production from A to C?
20 Corn
700
Double Jeopardy!
*Correct answer up to Mr. Reynolds' discretion*
Show the shift in supply and demand and give the determinants:
High interest rates make new car loans more expensive, causing more consumers to buy used cars instead. At the same time, fewer people are trading in their vehicles. Use a supply and demand graph to show how these shifts affect the equilibrium price and quantity.
700
List 2 disadvantages of starting a corporation
Complexity of Start-Up
Loss of Control
More government regulation
Double taxation
700
A policy designed to reduce income inequality by taking money from the rich and distributing it to the poor. Usually this is done through taxes and social programs such as welfare or social security.
Income Redistribution
700
The nominal cost of basic goods and services adjusted for inflation.
Real Cost of Living
700
Meeting present needs without harming future generations.
Sustainable Development
700
This policy places a tax on imported goods in order to protect domestic industries.
Tariff