Economics Flashcards
Who is the richest person in the world?
Carlos Slim Helu / William Gates
Other rich?
- Warren Buffet
- Amancio Ortego
- Carry Evion
- Charles Koch
- David Koch
- Christy Walton
- Jim Walton
- Alice Walton
Who is on $2 bill
Thomas Jefferson
Who is on $100 bill
Benjamin Franklin
Who is on $50 bill
Ulysses S. Grant
Who is on $10000 bill
Salmon P. Chase
Who is on $1000 bill
Grover Cleavland
Who is on $10 bill
Alexander Hamilton
Who is on $100000 bill
Woodrow Wilson
Who is on $5000 bill
James Madison
What is economics?
The study of how people use their resources to produce and consume goods
What is microeconomics?
Covers economics on a “small or individual” scale.
What is a trade-off?
When you make a choice o buy one product over another (from limited money)
What is an opportunity cost?
Refers to the value of the product you gave up when you made the choice to buy the other product
What is land (Production)
a place to have a factory or sell something
What is labor (Production)
The workers
What is capital (Production)
Money used for investment in a business
What should be produced? (Question)
The first economic question companies should ask
For whom should it be produced? (Question)
The third economic question companies should ask
How should it be produced? (Question)
The second economic question companies should ask
What is the first economic question companies should ask?
What should be produced?
What is the third economic question companies should ask?
For whom should it be produced?
What is the second economic question companies should ask
How should it be produced?
Who is the founder of Dell?
Michael S. Dell
What is the largest corporation in America?
Walmart
What is the NYSE?
The largest most influential stock market
What is the name of the Tokyo stock exchange?
Nikkei
What is the name of the London stock exchange?
FTSE (Financial Times Stock Exchange) aka. Footsie
When is the best time to invest?
During a bear market
What is the stock market?
Helps a company finance which in turn drives the company forward
What are securities?
Stocks and bonds
What are bonds?
A certificate which is an investment that gives money to an organization
What are Securities and Exchange Commission?
A government organization which monitors stock trading for violations of rules
What is insider trading?
Knowing confidential stock information that the public does not know about
What does the term “Wall Street” mean?
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
What is a stock?
A piece of ownership in a company
What is the stock market?
A place where stocks are bought and sold
What is a shareholder?
A person who owns a “share” of a business
Who are key members of the E.U.?
Greece, Spain, France, Germany
What does NAFTA stand for
North American Free Trade Agreement
What does the E.U. stand for?
European Union
What is NAFTA?
NAFTA promotes free trade, reduced or no tariffs on goods, and open markets between nations
What does APEC stand for?
Asian-Pacific Economic Cooperation
What does APEC do?
Nations hold meetings to discuss trade Issues between countries that border along the ocean
Who are key members of NAFTA?
USA, Canada, Mexico
Who are key members of APEC?
USA, Canada, Japan, China
What does WTO stand for?
World Trade Organization
Who are key members of WTO?
USA, China, Japan, German, and 90% rest of the world
What does the G7 (G8) stand for?
“Group of Seven”
What is the G7?
An economic cooperation of 7 economic powers
Who are key members of the G7?
USA, Canada, Germany, Britan, France, Italy, (Russia)
What is the G20?
The G-8 expanded to include new rising economic powers
Who are key members of the G20?
China, India, Russia, Brazil, South Korea, etc.
What does “Laissez-faire” mean?
Let it be
Who wrote “The Wrath of Nations”?
Adam Smith
What is Mercantilism?
The economic system has mainly about kings and queens guiding the economy to build a nation
Define Market
Any place goods are bought or sold (includes internet and phone0
What two big events happened in 1776?
Declaration of Independence (Political)
Wealth of Nations (Economic)
What was Marx?
A German historian
Saw history as the story of ________
Class Struggle
What is bourgeoisie?
factory workers
What is proletariat?
exploited worker
What is the slogan of communism?
Proletariat, you have nothing o lose but your chains, you have a word to win
Who established communism in Russia?
Vladimir Lenin
What is the Soviet Union?
The U.S.S.R or The Union of Soviet Socialists
