Economic Terms
Music
Business & Industry
Slang Through the Decades
Markets
100

These are factors that motivate individuals and businesses to behave in certain ways.

economic incentives

100

Known as the “King of Pop,” he moonwalked his way to superstardom with Thriller.

Michael Jackson

100

This type of business organization has the weakness that each partner is fully responsible for the actions of the other, and there can be potential conflict.

partnership

100

This popular term refers to someone who is pretending to be something they're not or faking confidence.

“flex”

100

This market structure features only one seller of a good or service.

monopoly

200

This term refers to the value of the next best alternative given up when a choice is made.

opportunity cost

200

This band, made up of John, Paul, George, and Ringo, made their U.S. debut on the Ed Sullivan show on Feb. 4, 1964

The Beatles

200

These individuals take on the risk of starting a business in hopes of earning a profit.

entrepreneurs

200

This word, used to describe something cool, awesome, or impressive, was popular in 90s hip-hop and mainstream culture.

“dope”

200

In this type of economy, the government makes most of the economic decisions or heavily influences them.

command economy

300

This term describes the method by which production is divided into specialized tasks performed by different workers.

division of labor

300

This massive desert festival happens annually in Indio, California.

Coachella

300

This is the most common form of business organization in the United States.

sole proprietorship

300

This 1980s phrase, popularized by music videos and movies like Ferris Bueller's Day Off, means “something is great” or “cool.”

“rad” or “radical”

300

This occurs in the market when the quantity demanded equals the quantity supplied at a specific price.

market equilibrium

400

This term refers to the total value of all goods and services produced in a country over a specific time period.

Gross Domestic Product (GDP)

400

This artist is known for his controversial and often violent lyrics, as well as his alter ego "Slim Shady."

Eminem

400

This type of business is a separate legal entity, distinct from its owners.

corporation

400

This 1970s phrase, often used to describe something that’s amazing or outstanding, was made popular by disco culture.

“far out”

400

This market structure is characterized by many sellers offering identical products.

perfect competition

500

This is the general rise in the prices of goods and services over time.

inflation

500

This legendary rock band, led by Freddie Mercury, became known for its operatic style in hits like “Bohemian Rhapsody.”

Queen

500

This concept allows workers or nations to become more effecient by focusing on specific goods or services.

Specialization

500

This 1960s slang term, often associated with beatniks and hippies, means "cool" or "good."

“groovy”

500

According to the law of supply, an increase in the price of a good will lead to this change in quantity supplied.

increase

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