Economic Terms
These are factors that motivate individuals and businesses to behave in certain ways.
economic incentives
Known as the “King of Pop,” he moonwalked his way to superstardom with Thriller.
Michael Jackson
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
This popular term refers to someone who is pretending to be something they're not or faking confidence.
“flex”
This market structure features only one seller of a good or service.
monopoly
This term refers to the value of the next best alternative given up when a choice is made.
opportunity cost
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
These individuals take on the risk of starting a business in hopes of earning a profit.
entrepreneurs
This word, used to describe something cool, awesome, or impressive, was popular in 90s hip-hop and mainstream culture.
“dope”
In this type of economy, the government makes most of the economic decisions or heavily influences them.
command economy
This term describes the method by which production is divided into specialized tasks performed by different workers.
division of labor
This massive desert festival happens annually in Indio, California.
Coachella
This is the most common form of business organization in the United States.
sole proprietorship
This 1980s phrase, popularized by music videos and movies like Ferris Bueller's Day Off, means “something is great” or “cool.”
“rad” or “radical”
This occurs in the market when the quantity demanded equals the quantity supplied at a specific price.
market equilibrium
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)
This artist is known for his controversial and often violent lyrics, as well as his alter ego "Slim Shady."
Eminem
This type of business is a separate legal entity, distinct from its owners.
corporation
This 1970s phrase, often used to describe something that’s amazing or outstanding, was made popular by disco culture.
“far out”
This market structure is characterized by many sellers offering identical products.
perfect competition
This is the general rise in the prices of goods and services over time.
inflation
This legendary rock band, led by Freddie Mercury, became known for its operatic style in hits like “Bohemian Rhapsody.”
Queen
This concept allows workers or nations to become more effecient by focusing on specific goods or services.
Specialization
This 1960s slang term, often associated with beatniks and hippies, means "cool" or "good."
“groovy”
According to the law of supply, an increase in the price of a good will lead to this change in quantity supplied.
increase