Basic Economic Ideas

Super Bowl tickets to the Chiefs - 49ers game are selling for over $3,800. This is because of

• the law of supply and demand

• Say's Law

• speculation

• credit

Often times, tickets to sporting events like the Super Bowl are very expensive. The price of these tickets change at kickoff and often go down. Why?

• The supply went up.

• The demand for the ticket went down.

When you picked stocks in the Stock Market game in class, you were ________________________ that the stock's price would rise.

• crediting

• speculating

• demanding

• supplying

The stock market is

• a place where people buy and trade pieces of companies

• a place where people demand for prices to change

• a place where people can get access to credit

What two words are the most similar?

• credit & installment buying

• stock market and Say's Law

When people got access to credit in the 1920's, what did they do?

• Nothing

• Bought consumer goods like radios and refrigerators

• Saved it

• gave it to their children

_______________ says that when a company has too many products (a surplus), they should lower prices.

• Say's Law

• The stock market

• Speculation

• Consumerism

What best describes the business cycle in American history?

• The business cycle is flat because the government tells companies how much of a product to make.

• The business cycle has peaks and troughs because of the law of supply and demand. When we reach a trough, Say's Law should kick in.

Buy now, pay later is best associated with what term?

• the stock market

• Say's Law

• credit

• consumerism