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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
What is the largest corporation in America?
Walmart
26
What is the NYSE?
The largest most influential stock market
27
What is the name of the Tokyo stock exchange?
Nikkei
28
What is the name of the London stock exchange?
FTSE (Financial Times Stock Exchange) aka. Footsie
29
When is the best time to invest?
During a bear market
30
What is the stock market?
Helps a company finance which in turn drives the company forward
31
What are securities?
Stocks and bonds
32
What are bonds?
A certificate which is an investment that gives money to an organization
33
What are Securities and Exchange Commission?
A government organization which monitors stock trading for violations of rules
34
What is insider trading?
Knowing confidential stock information that the public does not know about
35
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
36
What is a stock?
A piece of ownership in a company
37
What is the stock market?
A place where stocks are bought and sold
38
What is a shareholder?
A person who owns a "share" of a business
39
Who are key members of the E.U.?
Greece, Spain, France, Germany
40
What does NAFTA stand for
North American Free Trade Agreement
41
What does the E.U. stand for?
European Union
42
What is NAFTA?
NAFTA promotes free trade, reduced or no tariffs on goods, and open markets between nations
43
What does APEC stand for?
Asian-Pacific Economic Cooperation
44
What does APEC do?
Nations hold meetings to discuss trade Issues between countries that border along the ocean
45
Who are key members of NAFTA?
USA, Canada, Mexico
46
Who are key members of APEC?
USA, Canada, Japan, China
47
What does WTO stand for?
World Trade Organization
48
Who are key members of WTO?
USA, China, Japan, German, and 90% rest of the world
49
What does the G7 (G8) stand for?
"Group of Seven"
50
What is the G7?
An economic cooperation of 7 economic powers
51
Who are key members of the G7?
USA, Canada, Germany, Britan, France, Italy, (Russia)
52
What is the G20?
The G-8 expanded to include new rising economic powers
53
Who are key members of the G20?
China, India, Russia, Brazil, South Korea, etc.
54
What does "Laissez-faire" mean?
Let it be
55
Who wrote "The Wrath of Nations"?
Adam Smith
56
What is Mercantilism?
The economic system has mainly about kings and queens guiding the economy to build a nation
57
Define Market
Any place goods are bought or sold (includes internet and phone0
58
What two big events happened in 1776?
Declaration of Independence (Political) | Wealth of Nations (Economic)
59
What was Marx?
A German historian
60
Saw history as the story of ________
Class Struggle
61
What is bourgeoisie?
factory workers
62
What is proletariat?
exploited worker
63
What is the slogan of communism?
Proletariat, you have nothing o lose but your chains, you have a word to win
64
Who established communism in Russia?
Vladimir Lenin
65
What is the Soviet Union?
The U.S.S.R or The Union of Soviet Socialists

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