General Vocab. Main Ideas Famous People 100 100 100 200 200 200 300 300 300 400 400 400 500 500 500 Economic Misc. Ideas Questions
What is “Fed” an abbreviation for?
The Federal Reserve Bank
What is Surplus? Only one who may answer is the Youngest in the group!!!
Surplus is when there is more supply then demand.
What is a Cartel? Only ones that can answer are with the first or last names with A-F
Cartels are all international monopolies.
Name the word! Credit that is extended by the store, It must be paid off in 30 days or interest is charged.
Revolving Charge Account
What is Credit Union? Only for those that are born from January to April!
A bank established by its members for its members.
What is it when Supply and Demand are equal?
Equilibrium Price.
Why are Monopolies bad for the consumers?
They are bad because the consumer has no control of price. There is no competition.
What is the main idea of Capitalism and Socialism?
Capitalism the government keeps hands to self. Socialism the government controls all of the businesses.
What is the main idea of credit cards? Only the oldest person of the group can answer this question.
The main idea of a credit card is borrowing money from someone else with the promise to repay it back.
What is the main idea of federal open market committee?
The main idea of federal open market committee is that it decides actions that the fed should take to regulate the money supply.
Who is Karl Marx?
He was the founder of communism.
Freidrich Engles
Co-writer of the Communist manifesto
Adam Smith
Founder of Capitalism
Alan Greenspan
Came up with ideas with supply and demand
Alan Greenspan
Former head of the Federal Reserve
What is socialism?
Is when the government controls the economy and no private businesses.
What is capitalism?
Is when there are private businesses.
What is laissez-faire?
The government has hands off of the Economy.
What is tight money policy and a loose money policy?
Tight money policy the money is expensive to borrow and in short supply. Loose money policy the money is inexpensive to borrow and abundant.
What is a welfare state?
Is where socialist and capitalist ideas are used in the economy?
Name two current Socialist countries.
China, Cuba, North Korea, and Vietnam.
Completing a short sale
Buy to Cover
What book did Adam Smith write?
Wealth of Nations.
When Pepsi buys out a bottling company.
Vertical Merger
Laws that prohibit coming into a market.
Barriers to Entry
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