Vocabulary
Having unlimited wants, but limited resources
Scarcity
A shoe company raises the price of their shoe by 10%, and in turn, sees a vast decrease in sales.
Elasticity
Parks, Education, Clean Air, National Defense
Public Goods
This economics term has seen immense light after Trump put one of these on basically every other country in the world.
Tariff
Eller Economics Society meets Thursdays, bi-weekly at which time?
5:00
Whether positive or negative, these side effects from economic activity affect 3rd parties
Externalities
In order to pull the country out of a recession, the Federal Reserve lowers interest rates and increases the money supply.
Monetary Policy
Gasoline and Electric Cars, Coke and Dr. Pepper, Netflix and Hulu
Substitute Goods
During the late 19th century, America saw an emergence of these, with the oil, steel, and tobacco industries. Standard Oil might have been the worst of it, controlling at one point 90% of all U.S. oil.
Monopolies.
What are the 2 worst Economic events in American history.
The Great Depression and The Great Recession
The total value of goods and services produced in a country in a given period, not adjusted for inflation
Nominal GDP
Jared goes to the video game store to purchase the new Mario Brothers games on his Nintendo Switch. Jared only has 50 dollars and plans to spend that 50 dollars. He walks in and the game is 50 dollars. Jared buys the game because his demand = supply
Equilibrium
Cyclical, Seasonal, Structural, Under
Unemployment
In the 1970s, America experienced this when there was high inflation and high unemployment.
Stagflation
This college's economy suffered a mass amount of money lost during a "miscalculation" from its CFO.
University of Arizona
In an attempt to track inflation, this measures the change in price for a fixed "basket" of goods and services.
Consumer Price Index
Marie pays 12 bucks to go to the movies. She walks into the movie and immediately hates it. Instead of leaving, Marie stays for the whole movie because she doesn't want to waste her 12 bucks.
Sunk Cost Fallacy
Gasoline, Cigarettes, Toilet Paper, Detergent
Inelastic Goods
This kind of economy has been prevalent in America since the Revolutionary War and is still dominant based off its competition and private ownership
Capitalism
Developed by Ford, this concept changed the game by increasing efficiency and output.
Assembly Line
Opposed to its alternatives, this form of unemployment occurs when individuals are temporarily between jobs or are entering the workforce for the first time
Frictional Unemployment
A bunch of University of Arizona frat brothers go to the local river to go fishing. They catch a bunch of fish and soon a lot of their brothers show up overfishing the public waters. Due to this, the fish population dwindles, and the economy of fish declines.
Tragedy of the Commons
Income, Sales, Property, Payroll
Taxes
Developed in the wake of the Great Depression, this theory emphasized the Government's role in society. Named after a man named John.
Keynesian Economics
This club at the University of Arizona is the best resource for learning about Economics while simultaneously having fun and building community.
Eller Economics Society