Micro
The law of demand states that as price goes up, this goes down.
What is quantity demanded?
The Federal Reserve might raise interest rates to fight this, the increase in the average price of goods and services in an economy over time.
What is inflation?
This country is both the 2nd largest economy and the 2nd most populated nation in the world.
What is China?
The "invisible hand" guiding markets was first described by this economist.
Who is Adam Smith?
The WTO stands for this international organization.
What is the World Trade Organization?
Goods that are used together, like peanut butter and jelly, are called this.
What are complementary goods?
Spending more money than the government collects in revenue creates this.
What is a deficit?
When a country can produce a good at a lower opportunity cost that another.
What is comparative advantage?
This British economist is known for advocating government spending during recessions.
Who is John Maynard Keynes?
The Soviet Union's economic system was based on this ideology.
What is communism?
The phrase "there's no such thing as a free lunch" is often used to describe this concept, defined as the potential benefits forgone by choosing one option over another.
What is opportunity cost?
Calculated using this formula Y=C+I+G+(X-M), this is a measure of the total value of goods and services produced within a country.
What is GDP?
In October of 1973, this 'cartel' announced an oil embargo that caused oil prices to rise nearly 300% in the West.
What is OPEC?
In January of 1813, Denmark-Norway was forced to declare bankruptcy, due largely in part to their loyalty to this French emperor and his costly wars.
Who is Napoleon?
Jerome Powell will have been the Chair of the Federal Reserve for this many years when his second term ends in 2026.
What is 8 years?
The elasticity of demand in a market has to be greater than this number in order for the demand to be considered elastic.
What is one?
When a mob of weavers in the 1800s took up arms to destroy mechanical looms that were taking their jobs, they were experiencing this type of unemployment.
What is structural?
The United States Mexico Canada Agreement (USMCA) replaced this agreement from the 90s.
What is the North American Free Trade Agreement (NAFTA)?
On October 29, 1929, the DJI dropped 11 percent in a single day, which gave the day this dark nickname.
What is Black Tuesday?
This European company uses a staggering 1% of the worlds lumber each year, enough to make about 100 million pieces of furniture.
What is IKEA?
This type of monopoly occurs as a result of a market situation where the costs of production are minimized by having a single firm producing the product.
What is a natural monopoly?
The rate banks charge each other for overnight loans.
What is the federal funds rate?
In 2011, Norway was experiencing a "smor-panik", a shortage of this food product that caused its prices to soar.
What is butter?
This post-WWll agreement established modern rules for international monetary policy and exchange rates.
What is the Bretton Woods Agreement?
This revolutionary statesman defined politics as "the most concentrated expression of economics" in 1903.
Who is Vladimir Lenin?