Economics Concepts
The value of the next-best alternative you give up when making a choice.
What is opportunity cost?
The agreement that replaced NAFTA.
What is USMCA?
The U.S. federal agency responsible for collecting income taxes.
What is the IRS?
California’s capital city.
What is Sacramento?
The MLB team that plays at Chavez Ravine.
Who are the Los Angeles Dodgers?
The streaming platform that first released the Star Wars live-action series featuring a bounty hunter and Grogu.
What is Disney+?
When the government spends more than it collects in taxes in a year.
What is a budget deficit?
The term for a tax on imported goods.
What is a tariff?
The type of budget spending required by law, including Social Security.
What is mandatory spending?
The mountain range that includes Lake Tahoe and Yosemite.
What are the Sierra Nevada?
The NFL team that plays at Levi’s Stadium in Santa Clara.
Who are the San Francisco 49ers?
The studio that produces superhero films such as Avengers: Endgame and Black Panther.
What is Marvel Studios?
The economic law that states quantity demanded falls when prices rise.
What is the law of demand?
The trade organization that settles disputes between countries.
What is the World Trade Organization (WTO)?
The document you fill out each April to report income and taxes.
What is Form 1040?
The largest public university system in the nation, based in California.
What is the CSU system (California State University)?
The NHL team in California that plays its home games at SAP Center.
Who are the San Jose Sharks?
The movie released in 2023 about a famous doll that became one of the highest-grossing films of the year.
What is Barbie?
Money paid regularly to a retired public servant
What is a pension?
The country that supplies the largest share of avocados to the United States.
What is Mexico?
The level of government primarily responsible for running public schools.
What is state government?
The major fault line running through California.
What is the San Andreas Fault?
The soccer stadium known as “The Banc” before being renamed BMO Stadium.
What is the home stadium of LAFC?
The movie series that centers around street racing, heists, and the character Dominic Toretto.
What is Fast & Furious?
The total market value of all final goods and services produced in a country.
What is GDP (Gross Domestic Product)?
The economic principle showing that even if one country has absolute advantage in everything, both benefit from specialization.
What is comparative advantage?
The economic term for when the government adjusts taxes or spending to influence the economy.
What is fiscal policy?
California’s state motto.
What is “Eureka”?
The MLS team based in Los Angeles that won the 2022 MLS Cup.
Who is LAFC (Los Angeles Football Club)?
The animation studio behind the first fully computer-animated feature film released in 1995.
What is Pixar?