Basics of Economics
Costs
Government & the Economy
Critical Consumerism
Potpourri
100
The supply and ________ of a given good or service influence its price.
demand
100
Name one way a high school senior can help reduce the cost of their freshman year of college.
Examples include:
-Choose a public institution over a private one
-Live at home and commute
-Apply for financial aid
100
What is an example of an economic policy that people who learn liberal tend to support?
-more government spending --> offer more public programs and services
-higher taxes to support more government spending
-regulation of businesses
100
Name one reason why companies advertise their goods and/or services.
Answers include:
-Provide information to the consumer about their product(s)
-Increase sales
-Develop & protect brand loyalty
100
Name one benefit of federal student loans over private student loans.
Answers include:
-Lower interest rates
-More flexible repayment plans
200
Examine the graph below. What is the term for where the two lines intersect?
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Equilibrium
200
What are the two costs of a college's "sticker price"?
Tuition + room & board
200
Name the two ways that the U.S. federal government could lower the national debt.
-Spend less
-Raise taxes
200
________ _________ is the concept that the people, not the companies, direct what will be produced and how much will be produced through their purchasing choices.
Consumer sovereignty
200
The graph below demonstrates the ___________ ________.
Business cycle
300
This economic principle is the reason why we must make choices. Hint: think limited resources
Scarcity
300
Why is nothing free? Identify the two types of costs.
Cost of resources + opportunity cost
300
What is the difference between the federal government's income tax rate and North Carolina's income tax rate?
Federal= progressive tax, NC = flat tax rate
300
Which type of advertising technique is utilized in the displayed sign?
Bandwagon appeal
300
Name an industry that would be considered an oligopoly.
Examples include: airlines, wireless carriers, car manufacturers
400
Name the four types of economic systems
Command, market, traditional, mixed
400
Some people choose to eat mostly processed food and minimal fresh fruits or vegetables when devising their 10-day meal plan. Identify one cost this could cause as a negative externality.
Example of an acceptable response: higher health insurance rates (if more people are following a poor diet and it causes them health issues down the road, it causes insurance prices to rise)
400
If you were to go to Taco Bell to buy your lunch, which government(s) would benefit from the sales tax you paid?
NC & Wake County
400
Which generation has fallen for the most scams?
Gen Z
400
What does each letter stand for in the acronym S.M.A.R.T. goal?
Specific, Measurable, Attainable, Relevant, Timely/time-bound