Corporations
Cooperative
The double coincidence of wants made this type of exchange impractical.
Barter
This four-word phrase describes a central bank's role in preventing bank runs.
Lender of last resort
When your neighbor loses his job it's a ________. When you lose your job it's a ___________.
recession, depression
This is the measure of living standards that takes into account population and ALL cost of living differences
Real GDP per capita (PPP)
True/False: The CEO is always the owner of the corporation.
False
Special Challenge: First to name all three functions of currency.
Means of Exchange
Unit of Account
Store of Value
This is the name of the American central bank.
Federal Reserve
The legislature runs ________ policy, the central bank runs ________ policy.
fiscal, monetary
If you're investing in more machines, plants, and infrastructure, you're ___________ ______. If you're inventing new technologies, you're on the _______ _____.
catching up, cutting the edge
This two-word feature is what defines a corporation.
Legal personhood/legal personality
Guess the word
Specie
The plan for the Federal Reserve was hammered out at a shady secret meeting at this Lowcountry resort.
Jekyll Island
He is the economist who popularized the concept of a stimulus bill.
Lord John Maynard Keynes
This non-White nation industrialized itself and became a great power.
Japan
Some outsiders buy up shares in your corporation planning to get you fired as CEO. You are the victim of a:
The bank loans out more money than it actually has, artificially inflating the money supply. The bank is doing:
Fractional reserve banking
The Fed raises interest rates. What type of monetary policy is it using?
Contractionary
Consumer confidence is falling. What animal spirit is haunting the market?
The bear
This is the two-word measurement that is used to track income inequality.
(Will accept the economist's name, but full phrase wins.)
Gini coefficient
These firms bundle together customers' money to invest in diversified portfolios and share the profits.
Mutual Funds
Special Jeopardy Challenge: Name as many commodity currencies discussed in class as you can.
Friedrich Hayek predicted that expansionary monetary policy would (through cheap credit) cause _________, setting up the next recession.
Malinvestment
Special Jeopardy Challenge: Congress passes a stimulus bill, issuing everyone $10,000 checks. What happens the real growth rate and inflation rate in the short term, and in the long term?
Short term: Inflation up, growth up
Long term: Inflation up, growth same (goes down to old levels)
Match each of our last three economists with their big ideas
Solow with "Cutting Edge/Catching Up," Schumpeter with "Creative Destruction," and Acemoglu with "Inclusive/Extractive Institutions"