Econ Vocab
How the economy works
Competition
Stocks and Diversification
Pop Culture
100
What is Economics?
Economics is the study of people and choices
100
Which group of people make the main economic decision in a market economy (answer all that apply)?
A) consumers
B) government
C) stock brokers
D) producers
Consumers and Producers
100
Why does innovation and productivity suffer in non-free-market economies?
There is no competition to force innovation.
100
What do stocks represent?
Ownership
100
Timothée Chalamet is nominated for an oscar for his role in what movie?
Marty Supreme
200
What is Scarcity?
Describes the limitedness of resources
200
Which of these is NOT an advantage in a market economy?
A) Increased efficiency
B) Increased costs
C) Increased productivity
D) Increased innovation
B) Increased costs
200
What is the government's role in a market economy?
Limited regulation
200
Why is it important to diversify your portfolio?
Diversification builds a safety net for your portfolio
200
On Tuesday 3/10/2026, this Miami Heat player scored 83 points in a single game, breaking Kobe Bryant's modern record of 81.
Bam Adebayo
300
What is an entrepreneur?
An individual who creates a new business, bearing most of the risks and enjoying the rewards. Combines all factors of production.
300
Name the 4 factors of production?
Land, Labor, Capital, Entrepreneurship
300
How is competition good for the consumer?
Acts as price regulation
300
What is an ETF?
A collection of hundreds or thousands of stocks or bonds, managed by by experts. Mini diversified portfolios as a single stock
300
Two female artists are battling for the top spot on the Billboard top 100 list.
Name one of the artists and their respective song that is charting.
Ella Langley - Choosing Texas
OR
Olivia Dean - Man I Need
400
What is Opportunity Cost?
Return on most profitable investment choice - return on investment chosen to pursue = opportunity cost.
400
Explain the relationship between supply and demand
Supply is what is available, demand is how much people want to buy it. The equilibrium point is where these two curves meet to determine the price and quantity
400
How is competition good for business?
Competition drives innovation. "Iron sharpens Iron"
400
Explain the process of short selling
Borrowing stocks in the hopes that they would depreciate in value. Buying them back to cover when you sell. Making profits off the loss in value.
400
Cillian Murphy plays Thomas Shelby as the leader of a gang in this post WWII British show and newly released Netflix movie.
Peaky Blinders
500
What is the difference between Macroeconomics and Microeconomics
Macroeconomics: Global Economic Systems, having large scale policy impact and follows growth and changes
Microeconomics: Individual Decision-Making, focusing on consumer behavior and micro operations
500
What are the four types of entrepreneur?
Builder, Opportunist, Innovator, Specialist
500
Give a real life example of two competing firms.
answers vary
500
Name 3 ways can you diversify your portfolio?
Different Sectors, Real Estate, Bonds, Commodities (gold, silver, etc.), Trading cards, cash, CDs
500
Two TV Shows have lead the way in 2026 in terms of viewership.
One Netflix program and one HBO program.
Name one of the two.
Knight of the 7 kingdoms - HBO
Bridgerton - Netflix