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Flashcards in Economics Deck (65):
1

Who is the richest person in the world?

Carlos Slim Helu / William Gates

2

Other rich?

3. Warren Buffet
4. Amancio Ortego
5. Carry Evion
6. Charles Koch
7. David Koch
8. Christy Walton
9. Jim Walton
10. Alice Walton

3

Who is on $2 bill

Thomas Jefferson

4

Who is on $100 bill

Benjamin Franklin

5

Who is on $50 bill

Ulysses S. Grant

6

Who is on $10000 bill

Salmon P. Chase

7

Who is on $1000 bill

Grover Cleavland

8

Who is on $10 bill

Alexander Hamilton

9

Who is on $100000 bill

Woodrow Wilson

10

Who is on $5000 bill

James Madison

11

What is economics?

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

12

What is microeconomics?

Covers economics on a "small or individual" scale.

13

What is a trade-off?

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

14

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

15

What is land (Production)

a place to have a factory or sell something

16

What is labor (Production)

The workers

17

What is capital (Production)

Money used for investment in a business

18

What should be produced? (Question)

The first economic question companies should ask

19

For whom should it be produced? (Question)

The third economic question companies should ask

20

How should it be produced? (Question)

The second economic question companies should ask

21

What is the first economic question companies should ask?

What should be produced?

22

What is the third economic question companies should ask?

For whom should it be produced?

23

What is the second economic question companies should ask

How should it be produced?

24

Who is the founder of Dell?

Michael S. Dell

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