Show:
Supply and Demand
Business Cycle
Government and Econ
Globalization and Misc.
Econ Life Skillz
100

What is the law of demand?

As price goes up, demand decreases

100

Anywhere (physical or online) where buyers and sellers come together to trade on services or products

Market

100

Too much spending and economic expansion leads to more money flow, decreasing the value of money. What is this phenomenon called? 

Inflation 

100

When you take out a loan, this is the money you must pay back in addition to the amount of the loan itself. 

Interest

100

What is an advantage to banking and using a savings account rather than putting your money under a pillow? 

Savings account gains interest, you can grow your money. safer way to keep money if bank is FDIC insured

200

What is the law of Supply? 

As Supply increases, price increases too! 

200

Total amount of new goods and services sold in a country over a period of time

Gross Domestic Product (GDP)

200

This occurs when a bank lends out money but is not repaid, which can cause the bank to collapse. Also, identify the government organization that will repay depositors if this situation occurs. 

Bank Crash, FDIC (Federal Deposit Insurance Corporation)

200

This is an economic system where the government owns most industries and theoretically, seeks to pay everyone equally for their work. 

Socialism 

200

What should you always do with a credit card balance at the end of the month?

Pay it off to avoid any interest - credit cards have high interest for balances past 1 month

300

The point where supply and demand meet on a supply/demand chart

Equillibrium

300
If GDP is going up, unemployment is low, this may be called a time of: 

Economic Expansion

300

There is too much spending and high inflation. How could the federal reserve respond to this situation?

Raise Interest Rates

300

McDonalds and Burger King are owned by different people, they compete to sell their own products and make profit with little government interference in the process

Capitalism

300

What is a way you can save for retirement? When should you start saving? 

401K, Independent Retirement Account (IRA), 

As Soon as Possible!

400

Describe what is going on in the graph shown momentarily (slide 4)

Demand decreased while supply stayed the same, causing the equilibrium price to go down 

400
GDP is going down, unemployment rates are going up over 2 consecutive quarters, this is considered a: 

Economic Depression

400

There is too little spending and high unemployment. The country is in a recession (unemployment is at 10%). How could the Federal Reserve respond?

Lower interest rates

400
What is a tax on a foreign good called? 

Tariff

400

When filing taxes, what form will you need to show how much you earned and already paid in taxes at your job the past year?

W-2 Form

500

When there is too much supply and too little demand, there may be a: 

Surplus

500
This measures the number of people who are unemployed in a country or area: 

Unemployment Rate 

500

Look at slides 9 and 10. Based on the graphs, how could the US President and Congress respond to the economic situation in 2020 using Keynesian Policy

Multiple possible answers - any government spending that seeks to increase spending and employment - so stimulus checks, job programs, etc. 

500

What can be a problem associated with globalization? 

"Race to the bottom" - companies locate factories in countries that allow for lower wages, environmental concerns, other answers may work too (teacher discretion)

500
If you are looking to invest your money, what type of investment has the highest reward but also most risk. Conversely, what type of investment has a capped reward, but far less risk? 

Stocks - more risk, more reward

Bonds - low risk, less reward