History of Economics
Where was salt first used?
Salt was first used in Ancient Rome.
What economic concept sets the prices of goods?
Supply and Demand
What is the name of the country with one of the freest markets in the world?
Singapore.
What is the name of the business structure that has the smallest amount of competition and it is illegal in the United States?
Monopoly
What is the common way that people get a job?
Through personal connections and networking.
What is economics the study of?
Economics is the study of choices/decisions.
What economic concept is the motivation to make a decision?
An incentive.
Which company was famous for hiring a terrorist group to kill employees who were on strike?
What are two economic recessions we learned about in class?
Great Depression; Great Recession; 1st/2nd Oil Shock; 1st/2nd Inflation Crisis; Post WWII/Korean War Recession; Covid 19 Recession; Dot Com Recession; Savings & Loan Recession; Recession of 1949/1960
What is the name of insurance you pay for an expensive medical bill under a health insurance? [Meanwhile, the insurance company pays for the rest of the bill.]
Deductible
Where was wheat first used as currency? What was the problem with using wheat as currency?
Mesopotamia. It would spoil.
What is the economic concept of that results from using too much of a single given resource and getting results over time?
Diminishing Returns
What company was famous for infecting people with AIDS?
Bayer
In advertising, what is the name of the demographic most likely to buy your product?
Target Demographic
What is the highest percentage of your salary that you should spend on rent?
30%
What is the difference between representative paper currency and fiat paper currency?
Representative: backed by gold;
Fiat: backed by faith/government
What economic concept results from unlimited wants, but limited resources?
Scarcity
What are three examples of free market policies?
Free: Lower taxes, make drugs legal, get rid of business regulations, etc.
Fixed: Raise taxes, make drugs illegal, add more business regulations, etc.
What is it called when someone receives an advertisement for a video game because they searched for video games on their phone?
Data Targeting
Name a website that can help you do the following:
1. Find a job
2. Find an apartment
3. Compare credit card information