1
Q
why did mother Teresa not care about money
A
God would take care of whatever was important
2
Q
why do some pastors rarely visit the weak or poor in their flock
A
they have no money
3
Q
economics is
A
the study of how individuals, families, businesses, and societies use limited resources to fulfill unlimited needs
4
Q
economics is the ____ that deals with _____
A
social science
distribution, production, and consumption of goods and services
5
Q
wants
A
everything other than basic survival needs
6
Q
scarcity
A
the result of our limited resources, and the basic problem of economics
7
Q
goods
A
tangible items people buy
8
Q
services
A
activities done for others for a fee
9
Q
factors of production
A
the resources needed to produce goods and services
10
Q
trade-off
A
give up one thing to do something else
11
Q
opportunity cost
A
the value of the next best alternative that was forfeited because you chose something else
12
Q
4 factors of production
A
land labor entrepreneurs, capital
13
Q
guns versus butter
A
production of defense or basic needs, government and individual must decide how much of things to produce, highest profit with limited resources
14
Q
3 basic questions any economic system is faced with answering
A
what and how much to produce
for whom to produce
how to produce it
15
Q
in a traditional economic system, what are decisions based on
A
customs and beliefs
16
Q
in a command economy, who controls the factors of production
A
government leaders
17
Q
in a command economy, who decides salaries
A
government leaders
18
Q
what is an advantage of a command economy
A
speed with which resources can be rerouted
19
Q
examples of command economies today
A
Venezuela, laos, cuba
20
Q
another term for market economy
A
capitalism
21
Q
in a market economy, who controls the factors of production
A
private individuals
22
Q
disadvantage of market economy
A
old and sick left out
23
Q
what kind of economic system do most countries in the world have today
A
mixed
24
Q
according to the index of economic freedom, what country is the most free
A
singapore
25
disposable income
the money remaining for a person to spend after all taxes have been paid
26
discretionary income
leftover income which can be saved or spent on extras after necessities have been bought
27
2 ways you can maximize or increase the amount of this leftover income
higher paying job, be thrifty, better education, gain experience, be healthy
28
first question a person should ask when considering a purchase
do I really need this now
29
credit
the receiving of funds either directly or indirectly to buy goods and services today with the promise to pay for them in the future
30
principal
the amount of money originally borrowed in a loan
31
interest
amount of money the borrow must pay for the use of someone else's money
32
durable godos
manufactured items that last longer than three years
33
installment debt
type of loan repaid with equal payments over a specific period of time
34
mortgage
debt owed on property
35
difference between debit card and credit card
credit - pay to use someone else's money, pay later
| debit - pay your money
36
good advice on interest
don't pay it on anything that depreciates
37
key to using credit cards wisely
pay whole payment on time every time
38
credit worthiness
assessment of the likelihood that a borrower will default on debt obligations
39
credit application
a form that a lender requires a person to complete before lending money
40
credit score/rating
number lenders use when determining whether to give someone a loan
41
credit bureau
an agency that collects info from people's credit histories and issues credit ratings
42
credit report
record revealing a person's credit history
43
credit check
process of evaluating a loan request to determine the likelihood a borrower will pay
44
a store where you would likely pay higher prices for groceries
qwiki mart
45
4 costs associated with owning a car
license
repairs
gas
registration
46
on average, annual depreciation for cars
20%
47
what group of people pays the highest insurance rate and why
20 year old unmarried men because they are reckless
48
demand includes only those who are
willing and able to pay for a product
49
the law of demand states
as price goes up, quantity demanded goes down, and vice versa
50
utility
satisfaction a good or service can bring a customer
51
factors that cause demand shifts
population change change in income, change in preferences
52
law of supply
as price goes up, quantity supplied goes up, and vice versa
53
factors that cause supply shifts
change in price of inputs, new tech, increased business taxes
54
law of diminishing returns
increased units of a factor of production are added to other factors, total output continues to increase but at a diminishing rate
55
prince at which quantity demanded and quantity supplied meet
equilibrium price
56
shortage
when quantity demanded is larger than quantity supplied at current price
57
surplus
when quantity supplied is greater than quantity demanded at the current price
58
market structure is a way of categorizing businesses by
competition
59
having many competing suppliers of a product leads to a surplus and then
prices go down
60
4 conditions that must be met for perfect competition to take place
large market, easy entry, homogenous product, perfect substitutes available
61
in a perfectly competitive market, the market price will be
equilibrium
62
a perfectly competitive industry
agriculture
63
a monopoly is the most extreme form of
imperfect competition
64
pure monopolies can be separated into
natural, geographic, technological, government
65
in monopolistic competition,
a large number of sellers offer similar products
66
what becomes extremely important in monopolistic competition
advertising
67
because of government involvement, the US economy is described as
modified free enterprise economy
68
themes of John
believe
light/dark
father sent the son to save the world
69
what does john 1:1 remind us of
genesis 1
70
the word became
flesh
71
jesus obtained the water he turned into wine from six stone water jars used for
jewish rites of purification
72
when did nicodemus come to speak to jesus
night
73
jesus tells the woman at the well that if she knew the gift of God and who was speaking to her, she would
ask him for living water
74
when the jews persecute Jesus for healing on the Sabbath, Jesus says
my father is always at his work to this very day, and I too am working
75
greek word for give thanks
eucharist
76
which I am is in the chapter where Jesus heals the blind man
I am the light of the world
77
jesus's final pronouncement charges the Pharisees with remaining in guilt because they
claim they can see
78
what phrase was repeated by both Martha and mary
if you had been here my brother would not have died
79
when jesus began weeping at the tomb, how did the jews respond
see how he loved him
80
when jesus ordered them to take away the stone from the tomb what did Martha say
lord already there is a stench because he has been dead four days
81
when Philip and Andrew tell Jesus the greeks want to see him, he says
the hour has come for the son of man to be glorified
82
look, the lamb of God who takes away the sin of the world
John the Baptist to two of his disciples
83
what are you looking for
Jesus' first words in this gospel
84
can anything good come from nazareth
Nathaniel's first response upon being told about jesus
85
come and see
Philip's words to Nathaniel, inviting him to meet jesus
86
we know you are a teacher who has come from God
nicodemus upon his first meeting with Jesus
87
will you give me a drink
Jesus' first words to the Samaritan woman
88
we no longer believe just because of what you said, now we have heard for ourselves
the Samaritans responding to the woman by the well
89
you do not want to leave too do you
jesus to his disciples after the bread of life discourse
90
does our law condemn anyone without first hearing hi to find out what he is doing
nicdemus's response to the chief priests and pharisees
91
before Abraham was, I am
jesus to the jews in front of the temple just before they took up stones
92
let us also go, that we may die with him
Thomas to the disciples as jesus left for jerusalem
93
I believe that you are the messiah, the son of God, the one coming into the world
Martha to Jesus before he raised lazarus
94
you do not understand that it is better for you to have one man die for the people than to have the whole nation destroyed
Caiaphas the high priest after the raising of lazarus
95
you always have the poor with you but you do not always have me
jesus at Bethany after mary anointed his feet with oil
96
we would like to see jesus
greeks who had come up to Jerusalem for the Passover feast to philip
97
chapter 1
john the Baptist proclaims Jesus and Jesus calls his first disciples
98
2
Jesus turns the water to wine and cleanses the temple
99
3
nicodemus comes to speak with jesus and john the Baptist points to jesus
100
4
jesus meets the Samaritan woman and heals the official's son
101
5
jesus heals the man by the pool and calls his witnesses
102
6
jesus feeds the 5000 and walks on water
103
7
jesus goes to the temple and is nearly arrested
104
8
jesus stops the stoning of the adulteress and talks about being the light of the world
105
9
jesus heals the blind man and an investigation ensues
106
10
jesus talks about being the good shepherd but is rejected by jews trying to stone him
107
11
jesus raises lazarus from the dead and the jewis leaders plot to kill him
108
12
jesus enters Jerusalem on a donkey and mary anoints his feet
109
7 signs
```
water to wine
healing of official's son
healing of man by pool
feeds 5000
walks on water
heals blind man
raises lazarus from dead
```
110
john opens with jesus and the disciples reclining at table the evening before an important feast
passover
111
what time was it when judas left the meal to betray jesus
night
112
how will everyone recognize those who are disciples of jesus
their love for each other
113
why does jesus say to the disciples that it is good for him to go away
he will send the advocate to them
114
what words of jesus caused the soldiers and officials to draw back and fall to the ground
I am he
115
according to jesus, from where did pilate's power come
from above
116
what did jesus say just before his death
it is finished
117
when did mary recognize jesus
when he called her name
118
what did jesus do to pass the spirit onto his disciples
he breathed on them
119
what question did jesus ask peter three times
do you love me
120
my lord and my god
Thomas to the risen christ
121
what is truth
pilate examining jesus
122
whom are you looking for
jesus to the soldiers who came to arrest him
123
we have no king but caesar
the crowd shouted this to pilate
124
what I have written I have written
pilate to the jewish leaders
125
I have seen the lord
mary Magdalene to the disciples
126
7 I ams
```
bread of life
light of the world
gate for the sheep
good shepherd
resurrection and the life
way truth and life
true vine
```
127
13
jesus washes the disciples feet and foretells his betrayal
128
14-16
jesus gives his last sermon and talks about the holy spirit, persecution, and the true vine
129
17
jesus prays for himself, his disciples, and future disciples, that they all may have unity
130
18
jesus is betrayed and tried before pilate
131
19
jesus is crucified and buried
132
20
jesus rises from the dead and appears to his disciples
133
21
jesus reinstates peter and feeds the apostles breakfast
134
oligopoly
industry dominated by several suppliers who exercise some control over price
135
oligopolies
cereal, cars
136
what does competition do
makes things run at peak efficiency
prices go down
better quality products at lower prices
137
elastic demand with example
change in price causes a relatively larger change in quantity demanded - smoothies
138
inelastic
change in price causes relatively smaller change in demand - medicine
139
karl marx on socialism
goal of socialism is communism
140
I am the good shepherd then
lay down his life
