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Vocab SHARK TANK Money True or False 100 100 100 100 200 200 200 200 300 300 300 300 400 400 400 400 500 500 500 500 An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume externality RETURN Row 1, Col 1 What is an example of a ‘price floor’? Minimum Wage RETURN 1,2 Medium of exchange, Unit of account, Store of value What are the 3 uses of money? RETURN 1,3 true FDIC insures people if banks fail RETURN 1,4 Demand The desire to own something and the ability to pay for it. RETURN 2,1 In the eyes of a shark, would they want to invest in a company with a wide range of potential customers, or a smaller one? The wider the range of customers, the better! RETURN 2,2 No, all money must be alike in One country Is it okay if money isn’t uniform? RETURN 2,3 false (according to RDPD) Good employees are easy to find RETURN 2,4 Black Market Illegal system that allows consumers to pay more so they can buy a good when rationing makes it otherwise unavailable RETURN 3,1 Would the sharks invest in a company with a low demand? No RETURN 3,2 ‘legal tender’ What is fiat money? RETURN 3,3 true China is an example of a centrally Planned economy RETURN 3,4 equilibrium The point of balance between price and quantity RETURN 4,1 Are there any real sharks in Shark Tank? Yes! In the entry hallway. RETURN 4,2 It must be durable, portable, Divisible, uniform, in limited Supply, and acceptable. What are the 6 characteristics of $ RETURN 4,3 False Possibilities curves predict the future of a product RETURN 4,4 Market An arrangement that allows buyers and sellers to exchange things RETURN 5,1 As a producer, what must be purchased for your product to prevent someone from stealing it? A patent RETURN 5,2 Objects that have value that Are considered equivalent To money. (cattle, salt, precious stones) what is commodity money? RETURN 5,3 True. (opportunity cost) You are always sacrificing something when making a decision RETURN 5,4
