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Fundamental Concepts
Supply and Demand
Types of Business
Government and Economics
Personal Financial Literacy
100
The act of giving up one benefit in order to gain another, greater benefit.
What is Trade Off
100
The point at which supply and demand are equal
What is Equilibrium
100
A business owned and operated by a single person
What is Sole Proprietorship
100
The right of the government to take private property for public use.
What is Eminent Domain
100
An asset that is purchased with the hope that it will generate income or appreciate in the future.
What is Investment
200
The principle that limited amounts of goods and services are available to meet unlimited wants.
What is Scarcity
200
Would demand for a spa service best be described as elastic or inelastic?
What is Elastic
200
Type of market where there are no dominant firms in an industry and consumers have complete control over who to buy a product from.
What is Pure/Perfect Competition
200
Three characteristics of money.
What is durability, portability, divisibility, uniformity, limited supply, acceptability
200
By law, businesses and individuals must file this every year.
What is Income Tax (return)
300
The resources that are used to make goods and services. Three main ones are land, labor, and capital.
What is Factors of Production
300
When hot dogs increase in price, demand for buns _____. When ice cream decreases in price, demand for gelato ______.
What is Decreases, Decreases
300
If you are a shareholder in a ___________ (type of business), you own a part of the company called ______ and you can expect to receive a payment of the profits, called a ________.
What is Corporation, Stock, Dividend
300
Provides for the development of a plan that allows a debtor, who is unable to pay his creditors, to resolve his debts by dividing assets among creditors.
What is Bankruptcy Law
300
Range of credit scores. Which is better, high or low?
What is 300-850. High is better.
400
A. Two types of capital B. Example of each
What is A. physical and human B. Example of physical: building, tool. Example of human: knowledge or skills gained through education or experience
400
A. What is the economic result of a price ceiling (in regards to goods and consumers)? B. What is the economic result of a price floor (in regards to goods and consumers)?
What is A. shortage of goods and surplus of consumers B. surplus of goods and shortage of consumers
400
Three different examples of monopolistic competition (can't be the same industry)
What is fast food, name brand clothing, cereal, name brand shoes
400
A. The goal of expansionary fiscal policy B. The goal of contractionary fiscal policy
What is A. encourage growth/output B. reduce economic growth/output
400
Usually has an interest-free grace period of 25-30 days
What is Credit Card
500
A. Name three out of the four famous economists we studied B. Summarize the beliefs of each in one sentence Bonus 200 points if you can do A and B for the fourth!
What is A. Adam Smith, Milton Friedman, John Maynard Keynes, Friedrich Hayek. B. Smith: invisible hand, Friedman: individual freedom and laissez faire, Keynes: demand-side economics, Hayek: classical liberalism
500
List 5 out of the 6 reasons a demand curve could shift. Bonus 100 points if you list the 6th.
What is Income, Consumer Expectations, Population, Demographics, Consumer Tastes and Advertising, Prices of Related Goods
500
What is the liability situation for the owner of a corporation, partnership, and a sole proprietorship?
What is Corporation: owner has no personal liability. Partnership: owners share personal liability. Sole proprietorship: owner has all personal liability
500
The three tools of the Federal Reserve when enacting monetary policy
What is Open Market Operations, Reserve Requirement, Discount Rate
500
Average interest rate of 3 out of the 4 loan types we studied. Bonus 200 points if you name the interest rate of the 4th.
What is Mortgage: 4.4%, Auto loan: 3%, Student loan: 8%, Payday loan: 400%