Unit 1
What is the name of the man who created the "Invisible Hand"
Adam Smith
What is the difference between imports and exports?
Imports are goods that a country is receiving, exports are goods that a country is giving
What is a Credit Score?
A number that informs people how smart they are with their money
List 5 characters from SpongeBob
1) Patrick
2) Spongebob
3) Squidward
4) Plankton
5) Ms. Puff
Where is Mr. Jackson from?
CT YERRR
What is the Law of Supply?
As price increases, supply increases
What is a Barter Economy?
An system for which goods are exchanged through other goods. Trade is used for exchange as opposed to currency
What is Interest?
Money that must be returned to whomever one loaned money from.
What is Hummus made of?
Chickpeas
When is Mr. Jackson's birthday?
November 29th... YERRR
What does GDP stand for and what does it measure?
Gross Domestic Product and it measures the wealth of a nation / state
There are a total of 2,000 people living in Mr. Martinez's . Of those people, 900 are employed. 500 are not employed and are actively looking for jobs. 600 people are not employed and are not looking for work. Find the Unemployment Rate.
500 / (500+900) = 500 / 1400 = 35.7% or 35% or 36%
What is the difference between Tuition and Student Loans?
Tuition is the set amount a student has to pay for school
Student Loans is money borrowed from the Federal Government / Bank to pay for school
What continent do Acai Bowls come from?
South America
How old is Mr. Jackson?
22
Describe the Great Depression
The Great Depression marked the United States' first ever stock market crash. This led to millions of people making Bank Runs for their money at the same time causing banks to fail. This also gave an avenue for Credit Scores to become a factor in whether or not a bank would allow you to have a loan.
What is a Price Taker?
A company that must take the average price in the market and sell for that much. This is due to there being multiple companies that sell the same product.
What is Income Tax?
Tax that comes out of people's pay checks
What country was Ice Cream created in?
China
What's Mr. Jackson's favorite color?
Blue
What is a Monopoly?
A monopoly is a market that is unique in the sense that there is no other business making product like said monopoly. They are NOT in a competitive market.
What is the Labor Force Participation Rate Equation?
Labor Force (Employed and Unemployed Citizens) / Noninstitutionalized Population over 16
Why do people file tax returns?
Different people are allowed to pay different levels of taxes depending on certain factors in their lives; for example, your level of yearly income, your family size, and your marital status (and much, much more) all influence how much you pay taxes.
Name 4 of the 7 wonders of the world
1) Pyramid of Giza
2) Great Wall of China
3) Roman Colosseum
4) Taj Mahal
What state did Mr. Jackson attend College?
NY