Math 1
If Jessica makes $10 on her CD, but spent $5 to make it, what were her expenses.
$5
What is an expense?
The money it costs to sell something
What is the desire, willingness, and ability to buy something?
Demand
What is the desire, willingness, and ability to sell something?
Supply
Who is the creator of Amazon?
Jeff Bezos
Frebbie makes clocks and sells them for $20 each. How many clocks would he have to sell to make $600?
30
If Jed makes watches sells 65 for $50 each, and Ky makes necklaces and sells 20 for $95 each, who makes the most money?
Jed
What do you call the situation in which prices are relatively stable and the quantity of goods or services supplied is equal to the quantity demanded?
Market Equilibrium
What is the political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs?
Communism
What type of economy does North Korea have?
Communist
If Jonny makes 1,000 products and sells them for $9,000 each, how much revenue does he generate?
$9,000,000
It costs Elon Musk $20,000 to make a Tesla, and he makes 10. Additionally, he pays his 10 employees $20 per hour for 40 hours, how much are his expenses?
$208,000
What do you call a state of limited competition, in which a market is shared by a small number of producers or sellers?
Oligopoly
What do you call the exclusive possession or control of the supply of or trade in a commodity or service?
Monopoly
If everyone in class wants a bagel, but there is only one bagel, what would you call that as a resource?
Scarce
If Colton sells chickens for $14 each, how many would he have to sell to make $300?
21
If Marcos sells cologne for $36 a bottle, how many would he have to sell to make $1,000?
27
What do you call a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole?
Socialism
What do you call an economic system in which monetary goods are owned by individuals or companies, and workers earn only wages?
Capitalism
What type of currency does England use?
Pounds
If Jess sells flowers for $10, but each flower costs $9 to grow and package, how much revenue does she generate if she sells 100 flowers?
$1,000
If Jonny sells bikes for $1,250 each, but his expenses are 500 per bike. How much much does he profit if he sells 5 bikes?
$3,750
What type of economy does the United States have?
Mixed Economy
What type of economy does China have?
Communist
What type of currency does China use?
Yuan