Cobb Trivia
What is Miss Cobb's dog's name?
Leonardo
What does BARTER mean?
to trade one thing for another without the use of money
Give an example of SPECIALIZATION OF LABOR
A brain surgeon
What are the three types of economies we discussed?
Capitalism, socialism, communism.
What is a entrepreneur?
a person who starts a business
What is Miss Cobb's favorite candy?
Reese's
What is a cost-benefit analysis?
a decision-making tool that evaluates a project or decision by comparing its total costs to its total expected benefits, often expressed in terms of money
Give an example of trade.
United States companies trading money for iPhones from China.
This economy allows for competition
Capitalism
What is supply and demand?
Supply is how much of something is available, like all the apples in a store. Demand is how many people want that thing. When many people want a product that has very little of it, the price goes up.
What is something Miss Cobb says a lot?
Honey, y'all, etc.
What is DISTRUBUTION?
the process of delivering a product or service to customers
Give an example of a product that has been effected by INFLATION.
Eggs, gas, etc.
This economy has communal property and everyone makes the same amount of money and has the same amount of resources.
Socialism
What was the name of the business we watched on SharkTank?
What is Miss Cobb's favorite season?
Fall
What is INTERDEPENDENCE?
when two or more countries depend on each other for survival
Give an example of an import.
the US imports oil from Canada
The U.S. is a mix between which two economies?
Capitalism and socialism
What is capital?
produced assets like machinery, buildings, and financial resources used for production
What month is Miss Cobb's birthday?
October
What is SCARCITY?
the state of being scarce or in short supply; shortage
Give an example of natural resources.
Soil, water, etc.
This economy has tons of government control, a classless society, and wealth is distributed according to need. The drawback with this one is that the government can be corrupt!
Communism
What is an investor? Name a real-world one.
a person or organization that puts money into financial plans, property, etc. with the expectation of achieving a profit
Warren Buffett