Prom
The average high school student spends how much on prom expenses?
$1000
Sports: What does NBA stand for?
National Basketball Association
Who starred as Black Panther in the Marvel films?
Chadwick Boseman
what is scarcity?
Scarcity= Resources are limited compared to human wants/needs
what are all 4 factors of production?
land, labor, capital, entrepreneurship
true or false: socialism allows for private property ownership?
true
how do the factors of production flow through the circular flow model?
from individuals to businesses and back to individuals (counter clockwise)
what made promposals popular?
social media
Human Geography: what classroom pet is considered a delicacy in Peru?
guinea pig
What year was YouTube founded? Hint: it is between 2000-2010
2005
what is the difference between wants and needs? Hint: don't use the word you are defining in the definition
Wants — desires that can be met by consuming products (things not necessary for survival but would be nice to have)
Needs — things necessary for survival
what is the difference between absolute advantage and comparative advantage?
absolute advantage: the ability to produce more of a good or service with the same amount of resources.
Comparative advantage focuses on the ability to produce a good or service at a lower opportunity cost, driving specialization and trade even when absolute advantages don't exist.
command economies typically have what kind of government?
communist
where in the circular flow model does the government get involved?
everywhere/every step
what is the most popular movie that centers around prom? hint: it's a horror movie
Carrie (1976)
GoPo: In the U.S., freedom of speech is guaranteed by which Constitutional Amendment?
the First Amendment
What color is the M&M character with glasses?
green
what the definition of opportunity cost?
the value of next-best alternative a person gives up
what is specialization?
Definition: the process of focusing on a specific area of knowledge, skill, or work, rather than a broad range
what example did we use to talk about traditional economies?
the amish builders
what does GDP stand for?
GDP stands for Gross Domestic Product.
About how much money does the Prom Industry make Per Year?
$4 Billion
Science: Polaris is also referred to as what?
the north star
What country is Shakira from?
Colombia
who gets what and why?
what is the difference between a consumer and capital good?
Capital Goods: resources used by Businesses
Consumer Goods: finished products purchased by individuals for personal use or consumption
what are the 4 economic systems?
traditional, market, command, and mixed
what are the 4 phases of the economic/business cycle?
Expansion (Growth)
Boom (Peak)
Contraction
Recession (Trough)
Prom is short for what word
"promenade"
History: Which country first introduced nationwide postal codes?
Ukraine
Who is the lead singer of Coldplay?
Chris Martin
what is the fundamental assumption of economists use when discussing senerios?
that people are rational decision-makers who act in their self-interest.
what does the Production Possibilities Curve show?
a graph that shows the maximum combinations of two goods or services an economy can produce, given its resources and technology.
what is the reality of how economic systems end up functioning?
All economies are mixed economies which integrate features of two or more systems
what is included in GDP?
t measures the total value of all final goods and services produced inside a country in one year.
Goods : Products sold to consumers
Services : Work people pay for