Supply and Demand
When the supply of something is greater than the demand it is called this:
What is a "surplus"?
Define a "monopoly"
What is a market structure where a single seller or producer dominates, facing no close substitutes and having the ability to significantly influence prices?
The definition of "excludability"
What is the ability of a provider to prevent individuals from consuming a good or service if they haven't paid for it?
GDP is short for....
What is "Gross Domestic Product"?
Most commodity money is backed by something that is:
What is something rare and/or desirable?
When the demand of something is greater than the supply it is called this:
What is a "shortage"?
On a gradient scale, Monopolistic markets are the polar opposites of this type of market
What are perfectly competitive markets?
Define Rivalry in Consumption
What is a situation where one person's consumption of a good or service prevents another person from consuming it simultaneously, or reduces the availability of that good for others?
The name for when there is an unequal ratio of exports and imports in a nation
What is a trade deficit?
The management of the supply of money in an economy is known as:
What is monetary policy?
The definition of the "Law of Supply"
What is "as the price of a good (or service) increases, the supply increases (and vice versa)?
The definition of a "duopoly"
Bonus 200 points if you provide a real-world example
What is a market structure where two firms dominate the supply of a particular product or service, giving them significant control over pricing and market conditions?
Examples: Visa and Mastercard
Coke and Pepsi
Nike and Adidas
Walmart and Target
NFL and NBA
The four types of goods
What are Private Goods
Natural Monopolies
Common Resources
Public Goods
Quickly explain the difference between Real and Nominal GDP
What is that Real GDP measures GDP relative to a standard base year, accounting for inflation while Nominal GDP measures current GDP in the previous years prices, baking inflation in and providing inflated figures?
The definition of liquidity
What is the ease with which an asset can be converted into money?
Define and "Elastic" good
What is a good with other alternatives you can turn to when prices change?
The definition of a "cartel".
What is an agreement among firms in an industry, often an oligopoly, to control production, prices, and market share, aiming to maximize profits through reduced competition?
Explain the issues of the "Free Rider"
What is when individuals benefit from a public good or service without contributing to its cost, either incidentally or on purpose?
The reason it is easier for developing economies such as India to achieve higher GDP growth than developed countries, like the US?
Most or all banks are this type of financial institution
What are fraction-reserve banks?
Define an "inelastic" good
What is a good that has no readily available alternatives you can turn to when prices change; a good you have to buy regardless of price?
Define monopolistic competition and provide at least one example
What is a small collection of sellers that supply similar yet differentiated goods in a given market?
Examples: Restaurants, Grocery Stores, Clothing Brands, Hotels
The root issue of the "Tragedy of the Commons"
What is that because no one person or group directly owns the common resource being used, no one looks after its upkeep and maintenance, leading to over use and/or exploitation?
The four components of GDP
What are:
Consumption
Investment
Government Spending
Net Exports
The FULL name of the central bank of the United States
What is the Federal Reserve System?
Shortened to the Federal Reserve or the Fed.