Economic Principles
We have limited resources, but unlimited amount of these
What is wants/desires?
PPC stands for...
What is production possibilities curve?
In this type of economic system, all economic questions are answered by the government.
What is command economy? (centrally planned)
This is the share of ownership in a company
What is a stock?
On the first day of class, Ms. Wysocki showed a clip from this movie aptly titled “Boring Economics Class” on YouTube.
What is Ferris Bueller's Day Off?
You opted to go to a party on Friday night. Had you not gone to the party, you would have seen a movie. Had you not seen a movie, you would’ve gotten ice cream. State the opportunity cost for going to the party.
What is you would have seen a movie?
When a country is producing inside their PPC, they are illustrating this concept.
What is inefficiency?
This is the purpose of an economic system.
What is allocate scarce resources?
This is what we call a period of time in the stock market when people are buying stocks in anticipation of higher profits.
What is a bull market?
In the episode of Top Gear that we watched in class, the Russian made Lada Riva had rear brakes made of this.
What is aluminum?
This term describes the act of deciding whether to do or use one additional unit of some resource
What is marginal thining?
Because of the law of increasing costs, the PPC is typically shaped like this.
What is bowed outwards? (curved away from the axis)
These are the two markets that make up the circular flow of economic activity.
What is factor (resource) market and market for goods and services?
According to the podcast we listened to in class, if you short a stock you can lose this amount of money
What is infinite?
During the "Magic of Markets" simulation these two figurines of Harry Potter characters were given as gifts.
State the economic principle that can be used to explain the following pricing scheme:
Small Soda Pop: $1.00
Medium: $1.50
Large: 1.75
What is diminishing marginal returns?
Name two ways a country can shift their entire PPC outwards.
What is gain more technology or more resources?
Adam Smith coined this phrase describing the effortless flow of the marketplace.
What is the invisible hand?
The total dollar value of a company’s outstanding shares of stock is referred to as this.
Market Cap
On an anchor day, 6th period ends at this time.
What is 2:00 pm?
Land, Labor, and Capital are three of the four factors of production. Spell the last one.
What is Entrepreneurship?
If there is unemployment, this would happen to the PPC.
What is nothing? Nothing! We would be operating inside the PPC
When households loan their land to businesses, they receive this form of payment in return.
What is rent?
According to the age rule approach in investing, if you are 35 years old this much of your investments should be in stock.
What is 65%?
Peter Lynch, the more conservative stock broker from "Betting on the Market" retired when he was this age.
What is 46?