Economics
Refers to the economic problem of having limited resources with unlimited wants
What is scarcity
What is Thomas Edison's most famous invention?
Lightbulb
How many characters did Twitter originally restrict tweets to?
140
The direct trading of goods and services between people without the use of money
What is barter
A store receives 1000 rolls of toilet paper and 200 people need it. What is the economic term for the amount of product?
What is a surplus?
Someone who buys goods and services
What is a consumer
Actions done for others in exchange for payment
What are services
A company is given a tax break to produce more of a product
What is an incentive?
Goods and services purchased from the overseas sector
What is imports
This measures the total income of every person and the total spending on the outcomes of goods and services.
What is GDP?
What is the highest-grossing animated film of all time?
Lion King (2019 remake)
As of 2019, what is the most popular car color in the USA?
White
What year did the Cold War end?
1989
What was the largest contiguous empire in history?
Mongol empire
Which American president is in the WWE Hall of Fame?
Donald trump
Which university did Microsoft founder Bill Gates drop out of?
Harvard
When an item leaves a country it is called this.
What is an export?
Economic system in which barter is used, and agriculture is the main employment
What is a traditional economy
Small scale economics
What is micro economics?
Which team scored the most points ever in a single Super Bowl?
49ers
In a communist country, they own the property.
What is the government?
The economic system in which individuals/businesses decide what, how, and how much will be produced/sold
What is a market economy
Change in cost of items over a period of time.
What is inflation?
How many people have walked on the moon?
12
The cost involved in your decision to purchase something
opportunity cost