Free vs. Regulated Markets
Come up with at least ONE (1) positive for free and regulated markets.
Free Markets: Increase wealth, business and trade
Regulated Markets: Increase safety and equality
What does GDP stand for?
Gross Domestic Product
What is it called when one business controls a market or industry?
Monopoly
What percent of small businesses close after five years?
50%
T-Mobile and Sprint formed a in 2020.
Merger
This island country is known for its lack of government restrictions making it an economic powerhouse.
Singapore
Why is GDP per capita a more accurate measure of wealth compared to GDP?
GDP per capita measures the average individual's wealth in a country compared to GDP which is a reflection of the total goods and services.
Video game consoles and major airlines are both examples of industries in which a few companies control a market. What is the term for this?
Oligopoly
What percent of large corporations close after five years?
(The group that guesses closest to the percentage will receive full credit.)
6%
What is the primary example of a government-owned monopoly from class?
Con-Edison
In the 1950s, Quaker Oats put iron in their oatmeal.
Radioactive
Which invention was integral to cheap, long-distance transportation?
Shipping Containers
Which one of these is NOT an e-commerce website?
QVC, newegg, jet, Baidu or Rakuten
Baidu
The relationships between Nestle, Poland Spring, Hot Pockets, Purina [Pet Food], L'Oreal, Ralph Lauren and Gerber [Baby Food] is an example of .
Acquisitions
Which oil company had a massive spill in the Gulf of Mexico in 2010?
BP (British Petroleum)
What was the name of the event when the Colombian government hired terrorists to intimidate striking workers in the 1920s?
Banana Massacre
Where are the various components of an iPhone assembled?
(The group that guesses the most countries correctly will receive full credit.)
USA (Designed and Audio Chips); Taiwan (Processor); South Korea (Glass Screen); Switzerland (Gyroscope); China (Battery and Assembled in); Germany (Accelerometer)
What is called when there are many sellers?
Perfect Competition
Which one of these car companies is NOT owned by Volkswagen and which company owns it?
Audi, Bentley, Mercedes-Benz, Porsche or Lamborghini
Mercedes-Benz
When and for how much did Amazon purchase Whole Foods for?
(The group that guesses the date and amount closest will receive full credit.)
On August 28, 2017, Amazon purchased Whole Foods for $13.7 billion dollars.
Is the United States a free or regulated market?
(Each group must argue for one, either free or regulated. You will have two minutes to write a response and the group with best response will receive full credit.)
TBD
What are the top ELEVEN (11) oil-producing countries in the world based on millions of barrels of oil produced per day?
(The group which guesses the most countries correctly and in order will receive full credit.)
1) USA; 2) Saudi Arabia; 3) Russia; 4) Iraq; 5) Iran; 6) China; 7) Canada; 8) UAE; 9) Kuwait; 10) India and 11) Venezuela
Which nineteenth-century legislation prohibits monopolies in the US?
Sherman Antitrust Act (1890)
Which corporation owns NBC, The Weather Channel and various sports networks including SNY?
Comcast
From our lesson involving "Why Are Some Countries Rich and Others Poor?," name as many landlocked countries in Africa as you can.
(The group that gets the most correct will receive full credit.)
Mali; Burkina Faso; Niger; Chad; Central African Republic; South Sudan; Ethiopia; Uganda; Rwanda; Burundi; Malawi; Zambia; Zimbabwe; Botswana; Swaziland and Lesotho