Money..Money...Money
Economic Indicators
Economic Policies
Global Economics
Basic Economics
Fun!!
100
Used to calculate specific amounts
Unit of Account
100
The final measure of all goods and services produced within a single country in a year
Gross Domestic Product (GDP)
100
This type of spending requires the Government to pay specific amounts and it includes Medicare, Social Security and Interest.
Mandatory Spending
100
1. This type of tariff is used to protect domestic industries.
2. This type of tariff is used to raise government revenue
1. Protective Tariff
2. Revenue Tariff
100
Most important economic concept: Limited resources but unlimited wants and needs. What does this describe?
Scarcity
100
How many stars are there in our solar system?
One, The Sun
200
One has no intrinsic value the other is made of a valuable material
Fiat Money & Commodity Money
200
We use this model to describe the ups (expansions) and downs (recessions) of an economy
Business Cycle
200
This type of tax increases the prices of certain taboo products to adjust people's behaviors
Sin Tax
200
This type of person believe that we should have open trade between countries, with little to no barriers?
Free Trader
200
What are the 4 factors of production?
Land, Labor, Capital goods, and Entrepreneurship
200
What galaxy is the planet Earth in?
The Milky Way
300
Money must have this to be valuable
Scarcity
300
Stacey and 600 other workers just lost their jobs due to an economic crash. This describes which type of unemployment?
Cyclical
300
This is the central bank, which controls our country's financial system and is mostly independent from the other branches of government.
The Federal Reserve
300
The United States reduces imports from all other countries during the initial COVID-19 outbreak. This describes which trade barrier?
Health Concern
300
What are the four types of goods?
Durable, Nondurable, Consumer and Capital
300
Which is the only sport to have been played on the moon?
Golf
400
America's money is this type of money
Fiat
400
Venezuela and Pre-World War II Germany both experienced ___________________ which was due to _______________________. (hint it is a period of inflation that causes inflation rate to be more than 500%)
Hyperinflation due to excessive monetary growth (over-printing money)
400
The type of policy is controlled by the president and congress and uses taxes and govt. spending to fix either recessions and/or expansions.
Fiscal Policy
400
Pokemon Cards, which are made in Japan, become super popular in the USA. What happens the value of the yen? What happens to their imports and exports?
Yen appreciates. Their exports decrease and their imports increase
400
Which type of economic system has freedom of choice, supply & demand regulate prices, and limited government involvement
(command, free enterprise, traditional, or mixed)
Free Enterprise/Market/Capitalism
400
This planet has inspired poets from early days and is known as both the "morning star" and the "evening star".
Venus
500
This is a place where people store money and can receive loans
Banks
500
The United States current unemployment rate is 3.9% and there current inflation rate is 3.2% . What are they currently experiencing?
Expansion
500
The United States is experiencing a recession and it needs to be fixed using interest rates and reserve requirements. Which type of policy is needed and who controls it?
Monetary Policy controlled by the Federal Reserve
500
Who has the absolute advantage in hats and who has the comparative advantage in hats?
Nepal
500
- WHAT to Produce
- HOW to Produce
- FOR WHOM to Produce
Why are these questions important?
They are the questions every society must answer
500
Name 5 out of the 8 phases of the moon
New Moon, Waxing Crescent, First Quarter, Waxing Gibbous, Full Moon, Waning Gibbous, Last Quarter, Waning Crescent.