Unit 1: Intro to Economics
Define Economics.
What is the branch of knowledge concerned with the production, consumption, and transfer of wealth.
What is the first step in buying a stock?
what is opening up a brokerage account
When prices are too low, shelves show signs of ...
What is excess supply?
Name what GDP stands for.
What is Gross Domestic Product?
Does Mr. Farwell have a girlfriend?
What is yes?
Name the four factors of production.
What is land, capital, labor, and entrepreneurs?
When there is GDP stagnation, what kind of market is happening?
what is a bear market
To meet market equilibrium, Qd and Qs must be...
What is equal?
The equation for the unemployment rate.
What is underemployed workers divided by both employed workers and employed workers?
Where does Mr. Farwell currently live?
What is Plesanton?
Name the different kinds of economies and an example of each.
What is command (North Korea and Cuba), traditional (Inuits, Australian Aborigines, and other indigenous peoples), and market (USA, Canada, Japan, Germany, etc.)
what are the two primary stock market indicators?
What is Dow Jones and Standard and Poor's 500
Name the four market structures from most to least competitive.
What is perfect competition, monopolistic competition, oligopoly, and monopoly?
Name at least four terms on the business cycle.
What is recession, trough, expansion, peak, level of output, time, and long-run growth trend.
What is walking pneumonia?
Name four out of seven economic goals.
What is economic freedom, economic efficiency, economic security, economic equity, full employment, price stability, and economic growth?
What are the four main basic investment consideration?
what is risk return relationship, investment objectives, simplicity and consistency
Market clearing price, aka ____, would be cleared of all surpluses and shortages.
What is equilibrium price?
Name the current federal minimum wage.
What is $7.25.
Where did Mr. Farwell used to live?
What is Belmont/San Carlos?
According to a 2002 study, how much percent of U.S.'s business economy consist of sole proprietorships?
What is 72?
Why do price and quantity move in different directions?
what is law of diminishing marginal utility, income effect and substitution effect
Describe an advertisement for each: pathos, logos, and egos
What is anything that makes you happy; shows facts and statistics; credible figures
Name off all qualities for both employed and unemployed workers.
(Hint: there's 4 for underemployed and 3 for employed)
Employed: did work for pay in the last week, has a job (even with vacation and sick time), 16 years old.
Underemployed: worked less than an hour in last week, actively looked for work in last 4 weeks, available for work, and not in military/institution.
Name Mr. Farwell's favorite video game.
What is Battlefield 5?