Unit 1
True or false: Everyone is a consumer
True
What direction do demand curves go?
Down and right.
What are the three types of business?
Sole proprietorship, partnership, and corporation.
People who come up with the ideas for producing goods and services
Entrepreneurs
What is Taylor Swift's most popular song?
Shake it Off
What are the 4 economic systems?
Market, Command, Traditional, and Mixed
What is the name of the point where supply and demand curves meet?
Equilibrium point
what is typically the safest way to invest
by buying bonds
A person who buys stock in a corporation
Stockholder
What is the longest-running musical in Broadway history?
Phantom of the Opera
What is the definition of economics?
The study of how people, businesses, and nations make choices and use their resources
What is the law of supply?
The law of supply states that producers are willing to supply more of a a good or service as the price becomes higher
What are the two types of stock?
common and preffered
Human made things that are used to produce goods and services
Capital
How many children does Shrek have?
3
What are the four factors of production?
The four things needed to produce goods and services
OR
Natural resources, labor, capitol, and entrepreneurs
What can cause a shift in demand?
Income, price of other goods, change in taste or appearance, seasons, or expectations.
What's the difference between revenue and profit.
Revenue is all money brought in by a business, profit is the money left after employees and bills are paid.
Ehat happens when a producer’s total costs are greater than total revenues; the opposite of profit
Losses
How many dogs survived the sinking of the Titanic?
3
What is a standard of living
A way to measure how well the needs and wants of citizens are being met by the economic system
On a supply and demand graph, when the two lines cross, what is the area above and between them called?
Surplus
Revenue is all money brought in by a business, profit is the money left after employees and bills are paid.
Circular flow of income.
The amount of product that people are willing and able to purchase at each possible price during a given time period
Demand
What Jane Austen novel was rewritten in 2009 to include zombies?
Pride and Prejudice (And Zombies)