Econ 1-11B Ready Player One (money & debt)Online version
GE.6.1 Explain the basic functions of money. (E)
GE.6.2 Explain the role financial institutions play among savers, borrowers, and investors. (E)
GE.6.3 Demonstrate how banks create money through the principle of fractional reserve banking.
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Contains
A
Consumer debt includes auto loans, personal loans, credit cards, and ____ ____ , and that last one is a growing problem. More people are walking away from college with debilitating debt, and hating what they created.
Contains
B
The economic meaning hidden in Ready Player One is ____ . Holiday is nostalgic for his childhood, but what is so great about an 8-bit Atari game? The really great thing about childhood is having no [same].
Starts with
C
There are 3 types of virtual economies: A ____ ____ economy uses virtual currency that is used only in the game. The currency cannot be bought or exchanged for real dollars, so you don't pay tax on it to the internal revenue service.
Contains
D
There are 3 types of virtual economies: A ____ economy is when you can buy virtual currency in the game & sell it through a third party. But if you sell it for real money or real goods, you have to pay tax to the internal revenue service.
Contains
E
Ready Player One uses ____ ____ to show what it feels like to hate debt. If citizens cannot pay their debt, they are sent to an IOI [same] & forced to work until their debt is paid, including interest , processing, & late fees.
Starts with
F
In the past, people went to physical prisons for debt, but now they deal with mental prisons, because debt destroys your ____ & limits your freedom. You want to buy a home & have fun, but your debt forces you to work & pay off loans
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G
In Goonies & Ready Player One, there's a scene where the main character realizes they shouldn't ____ the ____ , they don't want to destroy their future with debt.
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H
You have to live somewhere, so home loans are a necessity. But consumer debt is not a necessity. You choose to buy things, so you create the debt yourself. You choose to put on those ____ & destroy your future.
Starts with
I
If you make money for yard work, the lottery, babysitting, or earning crypto coin in a virtual economy, the internal revenue service considers that ____ & they expect you to pay tax on it.
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L
A ____ economy takes place in cyberspace, e.g. video games & virtual realty. People earn coin by killing each other & selling goods. The real economy takes place in physical places, e.g. stores & markets. People earn coin by selling goods & services
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M
Some Americans assume debt will get them what they want, but actually not signing away your future is what gives you what you want. Most people do not want debt-induced stress. They want ____ of ____ & financial security.
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About half of U.S. citizens use 1/4th of their income to pay debts. This is not a necessary home loan. This is voluntary ____ debt, or debt from buying things. This is why the second clue is "a creator who hates his own creation."
Starts with
O
There are 3 types of virtual economies: An ____ ____ economy is when the virtual currency can be bought & it can be used to purchase real goods in the real world.
Starts with
P
Some U.S. citizens assume that debt will get them what they want in life, but in reality not signing away your future is what gets you what you want. ____ make this mistake as well, with some government policies.
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R
Some people lose their future to debt because of student loans, but many others lose their future to due because of ____ ____ & car loans. They create their debt because they are competing with their neighbors & trying to look wealthy.
Starts with
S
Ready Player One is about debt. Holiday is nostalgic for his childhood, because there is no debt in childhood. Thus, the road to childlike happiness is limiting the ____ caused by debt.
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T
IOI is an evil corporation that only wants virtual realty so they can earn ____ . Wade and his friends want virtual realty so they can feel good about themselves & have fun.
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V
If you make money mowing grass, babysitting, or earning crypto coins in a virtual economy, the ____ ____ service forces you to pay income tax on those earnings.
Contains
W
The virtual economy in Ready Player One uses either a hybrid or open flow currency, because their coins can be used to buy items in the game, & also to buy items in the ____ ____ .
Contains
Y
If you are given ____ ____ , even if you don't exchange it for U.S. dollars, the internal revenue service still expects you to pay tax on it. They consider it income, since it has value & it can purchase goods & services.
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In this game there is a wheel with 24 letters of the alphabet (not includin "q", "x"). The aim of the game is to complete the alphabet wheel by saying yhe correct word for each letter in five minutes.