Economics
What does economics study?
How people make decisions with limited resources.
What is financial literacy trying to change?
Personal financial behavior/decision-making.
In anthropology, what is 'culture'?
Learned beliefs, values, and behaviors shared by a group.
Define Scarcity in One Sentence.
Unlimited wants with limited resources
Saving vs. investing. Name one difference.
Saving = lower risk/return; investing = higher risk/possible higher return.
What method produces 'thick description'?
Ethnography (immersive observation + field notes).
What is opportunity cost?
The next best alternative that you give up.
What is interest?
The cost of borrowing or the earnings on saving/investing.
Sociology focuses most on what big idea?
Social organization/group membership and socialization.
What is marginal analysis?
Weighing the next-step (extra) costs and benefits to decide.
What is insurance for?
To reduce financial risk by pooling losses.
What is socialization?
Learning norms, values, and roles from family/peers/school/media.
Why is money more efficient than barter? Give one reason.
It avoids the double coincidence of wants (and is portable/divisible/accepted)
Give one non-money example of scarcity at school.
Limited time/devices/supplies/seats, etc.
Name two ways people can become a family.
Genetics/birth and law (marriage/adoption). (Custom/guardianship acceptable.)