Government
These organizations form to influence public policy on specific issues.
Interest Groups
The cost of the next best alternative when a choice is made.
Opportunity cost
The point where the quantity of a good or service demanded by consumers equals the quantity supplied by producers.
Market Equilibrium
Nominal GDP measures the value of all final goods and services in an economy WITHOUT adjusting for this factor.
Inflation
Where was Ms. Tang born?
England
This is a voting system where you can cast a vote for several candidates. Your vote is weighted differently for each candidate.
Ranked-Choice Voting
The economic principle that as you consume more of a good, the additional satisfaction decreases.
diminishing marginal utility
Measures how much demand or supply responds to price changes.
Elasticity
These are the two tools of fiscal policy
government spending
taxes
What university did Ms. Tang go to?
UC San Diego
The president can veto laws, but Congress can override the veto with this fraction of votes.
2/3
A visual representation that shows the maximum possible output combinations of two goods or services that an economy can produce.
Production Possibilities Frontier
A maximum price set below equilibrium, like for rent control. Leads to shortages.
Price Ceiling
This type of monetary policy involves lowering interest rates to increase money supply and stimulate economic growth.
expansionary monetary policy
What languages does Ms. Tang speak?
Chinese, Spanish, English
(Korean acceptable answer)
Name THREE of the Supreme Court Cases we covered in this class.
Lemon v. Kurtzman (1971)
New York Times Co. v. United States (1971)
Mapp v. Ohio (1961)
Miranda v. Arizona (1966)
Gideon v. Wainwright (1963)
Regents of University of California v. Bakke (1978)
What are the FOUR factors of production?
Land
Labor
Capital
Entrepreneurship
When the owner is personally responsible for all business debts.
Unlimited Liability
This tool of monetary policy involves buying or selling government securities to influence the money supply.
open market operations
What school was Ms. Tang teaching at last year, and what subjects has she taught in the past?
Leroy Greene Academy
Name FIVE of the 10 Bill of Rights.
1. Freedom of speech, religion, press, assembly, and petition.
2. Right to bear arms.
3. No quartering of soldiers.
4. Protection against unreasonable searches and seizures.
5. Rights to due process, protection against self-incrimination, and double jeopardy.
6. Right to a speedy and public trial by jury.
7. Right to a jury trial in civil cases.
8. No excessive bail or fines, no cruel or unusual punishment.
9. Protection of rights not listed in the Constitution.
10. Powers not given to the federal government belong to the states or the people.
A term to describe how individuals pursuing their own self-interest unintentionally benefit society as a whole AND the person who coined the term.
The Invisible Hand, Adam Smith
List FOUR factors that causes the demand curve to shift to the right when consumers want more of a good at every price.
Increase in________________
Decrease in _______________
Consumer tastes/preferences
Increase in consumer income
Increase in the price of a substitute good
Decrease in the price of a complementary good
Increase in population or market size.
When the Federal Reserve raises the reserve requirement for banks, this happens to the money supply
decrease
Cholula & Sriracha