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Social Studies > Economics > Flashcards

Economics Flashcards

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1
Q

Who is the richest person in the world?

A

Carlos Slim Helu / William Gates

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2
Q

Other rich?

A
  1. Warren Buffet
  2. Amancio Ortego
  3. Carry Evion
  4. Charles Koch
  5. David Koch
  6. Christy Walton
  7. Jim Walton
  8. Alice Walton
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3
Q

Who is on $2 bill

A

Thomas Jefferson

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4
Q

Who is on $100 bill

A

Benjamin Franklin

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5
Q

Who is on $50 bill

A

Ulysses S. Grant

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6
Q

Who is on $10000 bill

A

Salmon P. Chase

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7
Q

Who is on $1000 bill

A

Grover Cleavland

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8
Q

Who is on $10 bill

A

Alexander Hamilton

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9
Q

Who is on $100000 bill

A

Woodrow Wilson

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10
Q

Who is on $5000 bill

A

James Madison

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11
Q

What is economics?

A

The study of how people use their resources to produce and consume goods

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12
Q

What is microeconomics?

A

Covers economics on a “small or individual” scale.

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13
Q

What is a trade-off?

A

When you make a choice o buy one product over another (from limited money)

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14
Q

What is an opportunity cost?

A

Refers to the value of the product you gave up when you made the choice to buy the other product

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15
Q

What is land (Production)

A

a place to have a factory or sell something

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16
Q

What is labor (Production)

A

The workers

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17
Q

What is capital (Production)

A

Money used for investment in a business

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18
Q

What should be produced? (Question)

A

The first economic question companies should ask

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19
Q

For whom should it be produced? (Question)

A

The third economic question companies should ask

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20
Q

How should it be produced? (Question)

A

The second economic question companies should ask

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21
Q

What is the first economic question companies should ask?

A

What should be produced?

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22
Q

What is the third economic question companies should ask?

A

For whom should it be produced?

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23
Q

What is the second economic question companies should ask

A

How should it be produced?

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24
Q

Who is the founder of Dell?

A

Michael S. Dell

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25
Q

What is the largest corporation in America?

A

Walmart

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26
Q

What is the NYSE?

A

The largest most influential stock market

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27
Q

What is the name of the Tokyo stock exchange?

A

Nikkei

28
Q

What is the name of the London stock exchange?

A

FTSE (Financial Times Stock Exchange) aka. Footsie

29
Q

When is the best time to invest?

A

During a bear market

30
Q

What is the stock market?

A

Helps a company finance which in turn drives the company forward

31
Q

What are securities?

A

Stocks and bonds

32
Q

What are bonds?

A

A certificate which is an investment that gives money to an organization

33
Q

What are Securities and Exchange Commission?

A

A government organization which monitors stock trading for violations of rules

34
Q

What is insider trading?

A

Knowing confidential stock information that the public does not know about

35
Q

What does the term “Wall Street” mean?

A

The area of NYC that is the financial HQ of America. The NYSE is there as well and so are many major banks of America

36
Q

What is a stock?

A

A piece of ownership in a company

37
Q

What is the stock market?

A

A place where stocks are bought and sold

38
Q

What is a shareholder?

A

A person who owns a “share” of a business

39
Q

Who are key members of the E.U.?

A

Greece, Spain, France, Germany

40
Q

What does NAFTA stand for

A

North American Free Trade Agreement

41
Q

What does the E.U. stand for?

A

European Union

42
Q

What is NAFTA?

A

NAFTA promotes free trade, reduced or no tariffs on goods, and open markets between nations

43
Q

What does APEC stand for?

A

Asian-Pacific Economic Cooperation

44
Q

What does APEC do?

A

Nations hold meetings to discuss trade Issues between countries that border along the ocean

45
Q

Who are key members of NAFTA?

A

USA, Canada, Mexico

46
Q

Who are key members of APEC?

A

USA, Canada, Japan, China

47
Q

What does WTO stand for?

A

World Trade Organization

48
Q

Who are key members of WTO?

A

USA, China, Japan, German, and 90% rest of the world

49
Q

What does the G7 (G8) stand for?

A

“Group of Seven”

50
Q

What is the G7?

A

An economic cooperation of 7 economic powers

51
Q

Who are key members of the G7?

A

USA, Canada, Germany, Britan, France, Italy, (Russia)

52
Q

What is the G20?

A

The G-8 expanded to include new rising economic powers

53
Q

Who are key members of the G20?

A

China, India, Russia, Brazil, South Korea, etc.

54
Q

What does “Laissez-faire” mean?

A

Let it be

55
Q

Who wrote “The Wrath of Nations”?

A

Adam Smith

56
Q

What is Mercantilism?

A

The economic system has mainly about kings and queens guiding the economy to build a nation

57
Q

Define Market

A

Any place goods are bought or sold (includes internet and phone0

58
Q

What two big events happened in 1776?

A

Declaration of Independence (Political)

Wealth of Nations (Economic)

59
Q

What was Marx?

A

A German historian

60
Q

Saw history as the story of ________

A

Class Struggle

61
Q

What is bourgeoisie?

A

factory workers

62
Q

What is proletariat?

A

exploited worker

63
Q

What is the slogan of communism?

A

Proletariat, you have nothing o lose but your chains, you have a word to win

64
Q

Who established communism in Russia?

A

Vladimir Lenin

65
Q

What is the Soviet Union?

A

The U.S.S.R or The Union of Soviet Socialists

Social Studies (16 decks)

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