Economic
Basics
Basics
The two factors that determine prices based on equilibrium
What are supply and demand
The name of the common currency used in the European Union
What is the Euro?
Communism and socialism are typically associated with this economic system
What is a command economy?
Financial motivations that encourage actions or decisions
What are incentives?
Where Ms. Hedrick went to college
What is Gonzaga University?
The amount of goods supplied or demanded (the X axis)
What is quantity?
The communist leader of the Soviet Union in the 1950s
Who is Joseph Stalin?
The economic system that most developed countries typically align with (including the United States)
What is a mixed economy?
The idea that resources are limited
What is scarcity?
The city where Ms. Hedrick is from
Where is Santa Barbara?
The quantity of a product supplied is less than the quantity demanded
What is a shortage?
The movement to allow Britain to leave the European Union
What is BREXIT?
An economic system in which the "invisible hand" controls the market
What is a market economy?
The benefits of an alternative not chosen
What is opportunity cost?
Ms. Hedrick's favorite animal
What is a grizzly bear?
The economic goal that prioritizes individual choices over money
What is Economic Freedom?
Mao Zedong's movement to quickly industrialize China
What is the Great Leap Forward?
The "Father of Communism?"
Who is Karl Marx?
Having the lowest opportunity cost of products and processes
What is comparative advantage?
Ms. Hedrick's dog's name
Who is Cooper?
The key aspect of a successful socialist economy?
What is community?
The Russian translation of "restructuring"
What is perestroika
Which capitalist philosopher championed the idea of private property?
Who is John Locke?
A trade barrier that prohibits imports from a given country
What is an embargo?
Ms. Hedrick's top Spotify Wrapped artist
Who is Chris Stapleton?