Economics Double Jeopardy

Units 1 and 2

2

In regard to time, A scarcity is ______ while a shortage is ______.

Scarcity = permanent // shortage = temporary

4

Bill Gates, Kylie Jenner, and Mark Zuckerburg are all examples of this.

Entrepreneur

6

This law says that there is an inverse relationship between price and demand.

Law of Demand

8

This is the cost of the next best thing. Essentially, it represents the thing you did not end up choosing.

Opportunity Cost

10

We watched the Lorax to better understand this thing. A formal definition is when a third party is impacted by a market transaction. (You Once-ler!)

Externality

Monetary and Fiscal Policy

2

The government has these two tools for fiscal policy.

Taxes and government spending.

4

When the Fed (Federal Reserve) tries to grow the money supply and spur the economy, we call it this kind of policy.

Expansionary

6

When the Fed (Federal Reserve) tries to shrink the money supply and slow down the economy, it is called this kind of policy.

Contractionary

8

This is the minimum interest rate set by the Federal Reserve for lending to banks.

Discount Rate

10

The _______ is associated with fiscal policy and the _______ is associated with monetary policy.

Government = fiscal // Fed (Federal Reserve) = monetary

The Homeland

2

Texas is known by this nickname.

The Lone Star State

4

This is the site of a valiant but failed resistance against the armies of Mexican General Santa Anna, now a famous tourist stop.

The Alamo

6

This theme park gets its name from the number of flags that have flown over Texas.

Six Flags

8

This cattle and steer ranch in South Texas is larger than the entire state of Rhode Island.

King Ranch

10

Elon Musk moved his headquarters for Tesla to this large Texas city.

Austin

Four Market Structures

2

This means there are two or three big firms and nobody else.

Oligopoly

4

The shares of a Perfect Competition market look like this.

Spread evenly

6

This is the market structure seen in the United States.

Monopolistic Competition

8

When one company makes the products and effectively sets the prices, it must mean there is a ______ market structure.

Monopoly

10

The Sherman Anti-trust Act outlawed these.

Monopolies