Social Studies games, videos, lessons, and activities for AP US History, World History, Civics and Economics.
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Wednesday, October 1, 2025
Mega Man - Review Game
Economics Vocab
General Economics
Economics: The study of how people make choices about what to make, buy, sell, and use, especially when they can't have everything they want. 💰
Scarcity: The basic problem of economics where we have unlimited wants and needs but only limited resources to satisfy them. Think of it as not having enough of something for everyone who wants it.
Production: The process of creating goods (like iPhones) or providing services (like a haircut).
Consumption: The act of using goods or services. When you eat a pizza, you are consuming it. 🍕
Distribution: The process of getting goods and services from the producer to the consumer.
The Players
Households: Individuals or families who buy goods and services and also provide the labor that businesses need.
Firms: Businesses or companies that produce and sell goods and services. (e.g., Apple, Nike, your local pizza shop).
Investor: A person or organization that puts money into a business or financial plan with the expectation of making a profit.
Sole-Proprietor: A person who is the single owner of a business. They are responsible for everything!
Markets & Trade
Supply: How much of a good or service is available for people to buy.
Demand: How much of a good or service people want to buy.
Free Market: An economic system where prices are determined by supply and demand, with very little government control.
Socialism: An economic system where the government or the community as a whole owns and controls the most important industries and resources.
Consumer Sovereignty: The idea that consumers have the power because what they choose to buy ultimately determines what businesses will produce.
Import: A good or service brought into a country from another country.
Export: A good or service sent out of a country to be sold somewhere else.
Government's Role
Subsidy: A payment from the government to a business or industry to help keep the price of a product or service low.
Tax: Money that people and businesses are required to pay to the government so it can fund public services like schools and roads. 🏫
Tariff: A special tax placed on goods imported from another country, making them more expensive.
Choices & Costs
Trade-Off: The act of giving up one benefit in order to gain another, greater benefit. You can't be in two places at once, so you have to make a trade-off.
Opportunity Cost: The value of the next-best thing you gave up when you made a choice. If you choose to buy a video game instead of a concert ticket, the concert ticket is your opportunity cost.
Loans & Credit
Loan: Money that is borrowed and is expected to be paid back, usually with an extra fee.
Interest: The extra money you pay for borrowing money, or the money you earn for lending money.
Principal: The original amount of money borrowed in a loan.
Term: The amount of time you have to repay a loan.
Interest Rate: The percentage of the loan amount that a lender charges for borrowing money.
Mortgage: A specific type of loan used to buy property, like a house. 🏠
Fixed-Rate Mortgage: A home loan where the interest rate stays the same for the entire term of the loan.
Adjustable-Rate Mortgage: A home loan where the interest rate can change over time, meaning your monthly payment could go up or down.
Credit Card: A card that allows you to buy things by taking out a loan from the bank that issued the card. You have to pay the money back later.
Delinquency: When you are late making a payment on a loan.
Loan Default: When you completely fail to pay back a loan according to the agreement. This is very serious and hurts your ability to borrow in the future.
Investing
Stock Market: A place where shares of ownership in companies (called stocks) are bought and sold.
Investor: Someone who uses their money to buy stocks or other assets with the hope that they will grow in value over time.
Perfect is the Enemy of Good - Perfect Pizza
Perfect Pizza
Your goal is to make the most profit in one day by hiring the best team you can afford.
1. Choose Your Cook
Expert Chef
$25.00 / hour
Highest quality, but at a high cost. Delivers an exceptional return on investment.
Hourly Return: $30.00
Regular Cook
$18.75 / hour
A reliable and consistent choice. A safe bet with a decent return.
Hourly Return: $22.50
Teenager Cook
$12.00 / hour
The cheapest option available. What you save in cost, you might lose in returns.
Hourly Return: $13.75
2. Choose Your Delivery Driver
Pro Racer
$23.75 / hour
Lightning fast deliveries. Customers love the speed, boosting your returns.
Hourly Return: $26.25
Standard Driver
$17.50 / hour
Safe, reliable, and on-time. A solid choice that gets the job done.
Hourly Return: $20.00
Kid on a Bicycle
$10.00 / hour
The most economical option, but slow deliveries mean lower returns.
Hourly Return: $8.75
3. Choose Your Cashier
Charming Salesperson
$21.25 / hour
Excellent at upselling. They will significantly increase your revenue per order.
Hourly Return: $25.00
Polite Cashier
$15.00 / hour
Friendly and efficient. Keeps customers happy and the line moving.
Hourly Return: $15.00
Grumpy Teen
$11.00 / hour
They show up. That's about it. The low cost is the only selling point.
Hourly Return: $7.50
4. Choose Your Ingredients
Fancy Italian Imports
$22.50 / hour
Premium ingredients let you charge premium prices, yielding the highest return.
Hourly Return: $56.25
Specialty Toppings
$13.75 / hour
Good quality for a good price. This is a balanced choice for steady returns.
Hourly Return: $40.00
Basic Toppings
$7.50 / hour
Low cost means low prices. The return isn't great, but it's very affordable.
Hourly Return: $25.00