Money
An arrangement that allows buyers and sellers to exchange things.
What is a market?
Factors of Production
What is land, labor, and capital?
Capitalism is closely associated with this type of economy.
What is a Free Market Economy?
Oil
Who is John D. Rockefeller?
Economics is about solving this problem.
What is scarcity?
This is the top bank in the United States with 12 districts, one in NYC.
What is the Federal Reserve Bank?
Someone who uses the factors of production to create their own good or service.
What is an entrepreneur?
Socialism and Communism have this type of economy.
What is a Centrally Planned Economy?
Railroads
Who is Cornelius Vanderbilt?
This "Great" event happened worldwide during the end of the 1920s through the 1930s.
What is the Great Depression?
Durability, Portability, Divisibility, Uniformity, Limited Supply and Acceptability are known as this.
What are the 6 Characteristics of Money?
When someone or a business has close to or complete control over an industry. We aren't just playing a game.
What is monopoly?
The federal government’s use of taxing and spending to keep the economy stable.
What is Fiscal Policy?
Steel
Who is Andrew Carnegie?
This economic event last typically 6-18 months.
What is a recession?
Objects that have value in themselves and that are also used as money. Let's start farming!
What is a commodity?
All of the money made by a country within it's borders in a year
What is Gross Domestic Product (GDP)?
Policies used to stimulate the economy like FDR's New Deal.
What are Expansionary Policies?
Who is J.P. Morgan?
A person who seeks to help others, especially by the generous donation of money to good causes (charity donations).
What is a philanthropist?
The government says it has value, so it has value. Don't forget to sign the money.
What is Fiat Money?
All of the money made by a country worldwide in a year.
What is Gross National Product (GNP)?
Policies used to reduce economic spending such as cuts to welfare and raising taxes.
What are contractionary policies?
Technology: Bezos, Musk, Jobs, Zuckerberg and this man's computer monopolistic empire
Who is Bill Gates?
The idea that the theory of human evolution can be applied to business.
What is Social Darwinism?