Mirco
This economic concept describes the value of the next-best alternative you give up when making a decision.
What is opportunity cost?
This measure tracks price changes in a fixed “basket of goods” over time.
What is the Consumer Price Index (CPI)?
The first permanent English settlement in North America, established in 1607.
What is Jamestown?
This river valley civilization in India is known for advanced urban planning and grid-like cities.
What is the Indus Valley Civilization?
This global conflict (1914–1918) was sparked by the assassination of Archduke Franz Ferdinand.
What is World War I?
This law states that as price increases, quantity demanded decreases.
What is the law of demand?
This term describes the total value of all final goods and services produced within a country in a year.
What is Gross Domestic Product (GDP)?
This 1620 agreement laid the foundation for self-government in New England.
What is the Mayflower Compact?
This Greek philosopher taught Alexander the Great and founded the Lyceum.
Who is Aristotle?
This Cold War crisis brought the U.S. and USSR closest to nuclear war in 1962.
What is the Cuban Missile Crisis?
This producer has a lower opportunity cost of producing a good compared to another producer.
What is comparative advantage?
What is the business cycle includes these four periods of activity
What are expansion, peak, contraction, and trough?
This Enlightenment thinker influenced the Declaration of Independence with his theory of natural rights.
Who is John Locke?
This Roman engineering innovation transported fresh water to major cities across the empire.
What are aqueducts?
This global rebellion against imperialism and foreign influence occurred in China in 1900.
What is the Boxer Rebellion?
This point occurs where marginal cost equals marginal revenue.
What is the profit-maximizing output level?
This institution controls U.S. monetary policy, including interest rates and the money supply.
What is the Federal Reserve (the Fed)?
This Supreme Court case established judicial review.
What is Marbury v. Madison?
This period of cultural blending followed Alexander the Great’s conquests.
What is the Hellenistic Age?
This 18th-century intellectual movement emphasized reason, individual rights, and challenges to monarchy.
What is the Enlightenment?
This economic concept explains why the additional output from each extra worker eventually declines.
What is diminishing marginal returns?
How does the Fed help regulate the economy?
increase or decrease interest rates to help with inflation or recession
This 1857 Supreme Court case ruled that African Americans were not citizens and Congress could not ban slavery in the territories.
What is Dred Scott v. Sandford?
What factor mainly influenced the rise of classical civilizations?
proximity to a water source
Which event is considered the start of the French Revolution?
the storming of the Bastille, which symbolized a challenge to royal authority and the old regime