Economics
What is scarcity in economics?
What is the idea that because Earth doesn't have limited resources, consumers/people have to make decisions to use them efficiently.
In 2021, this country became the first to officially adopt Bitcoin as legal tender alongside its national currency.
What is El Salvador?
This term refers to a share of ownership in a company, giving the shareholder a claim on part of the company’s assets and earnings.
What is a stock or share?
This financial strategy involves allocating a specific amount of money for each category of spending, such as housing, groceries, and savings.
What is budgeting?
This fraudulent practice involves convincing individuals to invest in fake or non-existent investments, often using high-pressure tactics.
What is a Ponzi scheme?
A single company controls all the production and sale of a product, and there is no competition. What type of market structure is this?
What is a monopoly.
This cryptocurrency, created in 2009 by an anonymous individual or group known as Satoshi Nakamoto, is widely considered the first decentralized digital currency.
What is Bitcoin?
This stock exchange, located in New York City, is known for being the largest in the world by market capitalization.
What is the New York Stock Exchange (NYSE)?
This type of account, typically offered by banks or credit unions, allows individuals to earn interest on their deposits while keeping their funds safe and accessible.
What is a savings account?
This tax is levied on the earnings of individuals and businesses and is typically withheld by employers throughout the year.
What is income tax?
In a certain market, the supply of a product is 200 units, and the demand is 180 units. What happens to the price of the product in this situation?
What is the price will decrease.
This term refers to the process of verifying transactions and adding them to the blockchain, often performed by miners in a proof-of-work system.
What is Mining?
This company, known for its logo featuring a fruit, became the first company in history to reach a $2 trillion market capitalization in 2020.
What is Apple?
This three-digit number is used by lenders to assess an individual’s creditworthiness, with a higher score indicating better financial health.
What is a credit score?
This term refers to the amount of money a person earns before taxes are deducted, often used to assess an individual's financial situation.
What is gross income?
You have $50 and can either buy a new pair of shoes or use the money to go to a concert. What is the opportunity cost of buying the shoes?
What is the opportunity cost of buying the shoes is the concert you could have attended instead.
This technology underpins cryptocurrencies like Bitcoin and Ethereum, ensuring transparency and security by storing data across a decentralized network.
What is Blockchain?
This type of investing strategy focuses on buying stocks that are undervalued and holding them for the long term, often popularized by investor Warren Buffett.
What is value investing?
This type of account allows individuals to save for retirement on a tax-deferred basis, with the ability to invest in stocks, bonds, and mutual funds.
What is a 401(k)?
This type of insurance helps protect you from financial loss due to damage or theft of personal property, such as a home or car.
What is property insurance?
What does GDP stand for?
What is Gross Domestic Product.
This type of wallet stores the private keys for cryptocurrency offline, providing higher security against hacks.
What is a Cold Wallet?
This term describes the market condition when stock prices are rising or expected to rise.
What is a bull market?
This strategy involves spreading your investments across different asset classes, such as stocks, bonds, and real estate, to reduce risk.
What is diversification?
This document provides a snapshot of an individual’s or company’s financial position at a given point in time, detailing assets, liabilities, and equity.
What is a balance sheet?