Quiz One

Question 1

Wants vs. Needs

Wants:

Define

Answer 1

What we desire to have

Question 2

Wants vs. Needs

What we desire to have:

Term

Answer 2

Wants

Question 3

Wants vs. Needs

Needs:

Define

Answer 3

What we need to function or survive

Question 4

Wants vs. Needs

Buying the things we want or need:

Term

Answer 4

Consumption

Question 5

Wants vs. Needs

What we need to function or survive:

Term

Answer 5

Needs

Question 6

Wants vs. Needs

Consumption:

Define

Answer 6

Buying the things we want or need

Question 7

Ex: Wants vs. Needs

Want ex’s:

Answer 7

• A newer smartphone that’s faster and has a better camera
• Nice and cool shoes
• The fastest laptop with the best screen
• The fastest and coolest car
• A Gucci Brand Belt
• Video Games
• Jewelry

Question 8

Ex: Wants vs. Needs

Needs ex’s:

Answer 8

• A smartphone
• A laptop
• Winter clothing (jacket, boots, gloves, etc)
• Shelter
• Food
• Money
• Method of transport (bike, bus pass, car)
• Medicine/medication
• Dress clothes

Question 9

Wants

consumer society

Answer 9

Buying things we want just because we can have them

Question 10

Wants

What are they?

Type of thing… not a definition

Answer 10

Feel good things

Question 11

Wants

What limits the purchase of “wants”?

Answer 11

Limited based on the funds (money) we have

Question 12

Opportunity Cost

Define

Answer 12

The amount of money we spend reduces the choices we can make.

Extra money spent, reduces spending in other aspects (opportunities)

Question 13

2 Types of Economies

Answer 13

1. Services
2. Goods and manufacturing

Question 14

Resources ex:

List

Answer 14

• Agriculture,
• Gold,
• Diamonds,
• Logging,
• Oil,

Question 15

Services:

List

Answer 15

• Teaching,
• Health care workers,
• Public transit,
• Mechanics,
• Plumbers,
• Carpenters,
• Banking, dentists,
• Contractors,
• Restaurant workers

Question 16

Fun Fact about Services in Quebec!

Answer 16

In 2015 80% of jobs in Quebec were held by service like jobs, therefore most of our economy is a service economy!

Question 17

Sectors (parts) of the Economy

Answer 17

• Primary Sector: Using and harnessing natural resources, creating energy
• Secondary Sector: Making manufactured goods/products and distributes them
• Tertiary Sector: Service sector
• Quaternary Sector: The knowledge sector

Question 18

Inflation

Define

Answer 18

When the prices of goods and services increase

Question 19

Hyperinflation

Define

Answer 19

where the price of goods skyrockets to the point they are barely affordable or not at all

Great Depression!!

Question 20

Supply & Demand

If there is a large demand for a product or good

Answer 20

then the value (price) can increase

Question 21

Supply & Demand

If there is low demand for the product

Answer 21

producers will decrease the price to what is more ‘fair’

Question 22

Supply & Demand

Equilibrium price

Define:

Answer 22

the sweet spot between demand and supply in terms of a price for a good

Question 23

Supply & Demand

Surplus

Define:

Answer 23

more of a product than needed

Question 24

Cost!

What goes into manufacturing?

List!

Answer 24

• Resources (materials)
• Design (how to make it look) & engineering (how to make it work)
• Manufacturing cost
• Marketing (ads)
• Shipping/Transport

Question 25

Interest | Define:

Answer 25

the amount put on top for a loan or savings accounts

Question 26

2 names for initial amount!

Answer 26

* Principal Amount * Base Amount

Question 27

Interest can be charged:

Answer 27

daily, weekly, monthly or yearly

Question 28

statement balance | define and explain

Answer 28

The amount you need to pay

Question 29

Outstanding balance | define and explain

Answer 29

amount added on top of what you already owe is the ## Footnote Ex: My credit card statement is $500 for the month. Before I pay it off I buy $200 of groceries. Meaning before I pay off the monthly statement, my outstanding balance is $700.

Question 30

Minimum payment | Is it constant? How often is it paid?

Answer 30

Every credit card has a minimum payment that has to be paid for every monthly statement (monthly bill). The minimum payment changes per bill

Question 31

# al Compound interest | Define:

Answer 31

separate kind of interest that is calculated based on the principal amount and the interest amount | Can cause people to go into debt (almost inescapable...)

Question 32

# Credit Score Higher score? | What does it mean?

Answer 32

Good with managing debts

Question 33

# Credit Score Higher score? | What does it mean?

Answer 33

Good with managing debts

Question 34

Two Events Caused by Hyperinflation!

Answer 34

* Great Depression in Germany, contributing to the rise of Hitler * The Russian Revolution

Question 35

During covid what to things increased their prices:

Answer 35

* Cars * Toilet Paper

Question 36

Countries with the most debt

Answer 36

* America * Canda * Japan * Greece / Spain

Question 37

GDP

Answer 37

How much money a country has

Question 38

GDP to debt

Answer 38

how much money the country has compared to how much it owes

Question 39

Debt to GDP % with examples

Answer 39

* Japan 256% of GDP * Sudan 209% of GDP * Greece 206% of GDP * Italy 154% of GDP

Question 40

Deficit

Answer 40

when the govt’ has less money than it earns If you have less money than your debts as a whole, you are personally at a deficit | Make less money than you owe.

Question 41

Default

Answer 41

Completely unable yo pay their bills. Worst case: country - can result in economic collapse.

Question 42

What can happen if you default a payment?

Answer 42

Your things can be reposessed.

Question 43

Four main goals of an Advertisement

Answer 43

* To inform * Develop awareness * Modify behavior * Create needs

Question 44

Inform

Answer 44

let people know about a product, service, or a political candidate’s existence.

Question 45

Develop awareness:

Answer 45

Tapping into people’s emotions for a certain issue or social concerns.

Question 46

Modifying behavior

Answer 46

changing behavior could influencing the opinion of a product/service. It could also change our actions | Nike’s “Just do it!” slogan could make you exercise more

Question 47

Creating needs

Answer 47

gives people a sense they need to have a specific product | MANIPULATES YOU TO SPEND MORE MONEY