ECON 101
This is the social science that studies the production, distribution, and consumption of goods and services.
Economics
Founder of Amazon
Jeff Bezos
Founder of Economics
Adam Smith
This occurs when government spending exceeds its revenues
budget deficit
Which of the following is typically included in the calculation of the cost of living
What are the two main branches of economics?
Microeconomics and Macroeconomics
Created the Auto assembly line.
Henry Ford
He developed the comparative advantage theory, labor theory of value, and the theory of rents, which have founded other schools of thought and form the basis of current economic policies and decisions
比較優位理論、労働価値理論、地代理論
David Ricardo
This occurs when government revenues exceed its spending
budget surplus
How does inflation affect the cost of living?
a) It decreases the cost of goods and services
b) It keeps the cost of goods and services stable
c) It increases the cost of goods and services
d) It has no impact on the cost of goods and service
The fundamental economic concepts that describe the amount of a good or service available and the desire of buyers for it, respectively.
Supply & Demand
Richest Person in the World 2024
Elon Musk
German-born philosopher, political theorist, economist, historian, sociologist, journalist, and revolutionary socialist
Karl Marx
A period of temporary economic decline, typically identified by a fall in GDP in two successive quarters
Recession
Which factor can lead to an increase in the cost of living in a particular area?
a) Decrease in population
b) Decrease in local wages
c) Increase in housing demand
d) Increase in public transportation
This is the total market value of all final goods and services produced within a country in a specific period.
G D P
Founder of Virgin Group
Richard Branson
Wrote the book "The General Theory of Employment, Interest and Money"
雇用、利子、貨幣の一般理論
John Maynard Keynes
This is imposed on imported goods and services to protect domestic industries and generate revenue for the government.
Which of the following can cause an increase in the cost of food?
a) Technological advancements in agriculture
b) Increase in agricultural subsidies
c) Supply chain disruptions
d) Improved transportation networks
This is the rate at which the general level of prices for goods and services rises, eroding purchasing power.
Inflation
Founder of Uniqlo
Tadashi Yanai
He was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory, and the complexity of stabilization policy 消費分析、金融の歴史と理論、安定化政策の複雑さ
Milton Friedman
This focuses on the behavior of individual consumers, firms, and industries and the distribution of production and income among them
microeconomics
What role do energy prices play in the cost of living?
a) Energy prices have no impact on the cost of living
b) Low energy prices lead to a higher cost of living
c) High energy prices contribute to a higher cost of living
d) Energy prices only affect businesses, not consumers