Economic Indicators
This monthly percentage represents the proportion of the labor force that is actively seeking work but is currently without a job. A rising number often signals a weakening economy.
Unemployment Rate
What field of economics studies individuals and firms?
Mircoeconomics
A cost or benefit imposed on a third party who is not directly involved in the production or consumption of a good or service. These can be positive or negative.
Externality
This market structure is characterized by a large number of small firms selling identical products, with no barriers to entry or exit.
Perfect Competition
This economic tool, used by the Trump administration to reshape trade relationships, involves taxes imposed on imported goods, leading to debates about their impact on domestic industries and consumer prices.
Tariffs
The total market value of all final goods and services produced within a country's borders in a specific time period is known by this three-letter acronym. It's a primary measure of a nation's economic output.
Gross Domestic Product (GDP)
What field of economics studies the economy as a whole?
Macroeconomics
What are the two general things that determine prices?
Supply and demand
A market dominated by a single seller who faces no close substitutes for their product. This firm has significant control over pricing.
Monopoly
What firm at Whitewater "provides research services for area business, non-for-profit organizations, and government entities"?
FERC
The interest rate set by a central bank at which commercial banks borrow money directly from it. Changes in this rate can influence borrowing costs throughout the economy.
Discount Rate
What field of economics is known for using statistics for economic data?
Econometrics
What is it called when additional satisfaction gained from consuming more increases as consumption increases?
Increasing Marginal Utility
This market structure typically features higher barriers to entry and fewer firms than monopolistic competition.
Oligopoly
What is the central bank of the USA?
Federal Reserve
This widely reported statistic measures the average change over time in the prices paid by urban consumers for a basket of consumer goods and services.
Consumer Price Index (CPI)
This field examines the economic aspects of environmental issues, including pollution, resource management, and the design of environmental policies
This statistical measure, ranging from 0 to 1 (or 0% to 100%), represents the income or wealth distribution of a nation's residents, where a lower value indicates more equal distribution and a higher value indicates greater inequality.
Gini Coefficient (Gini Index)
A key characteristic of an oligopoly, this term describes the situation where the decisions of one firm are significantly influenced by the actions of its other competitors.
Who is known as the "father of economics"
Adam Smith
This survey-based measure reflects the degree of optimism or pessimism that households feel about the overall state of the economy and their personal financial situation. It is often seen as a leading indicator of consumer spending.
This field examines the strategic interactions between firms in imperfectly competitive markets, focusing on topics like pricing strategies, mergers and acquisitions, and the impact of government regulation on market structure
Industrial Organization (IO) Economics
This is a paradox in decision analysis in which two individuals acting in their own self-interests do not produce the optimal outcome.
Prisoner's Dilemma
This type of explicit agreement among firms in an oligopoly aims to reduce competition by fixing prices, limiting output, or dividing markets, often resulting in higher profits for the participating firms and potentially harming consumers.
A Cartel
Who is the head of the UWW economics department?
Dr. Yamin Ahmad