Microeconomics
What is a price ceiling?
A legal maximum price that can be charged for a good or service, usually set by the government.
What is GDP?
Gross Domestic Product, the total market value of all final goods and services produced in a country within a given period.
What is a tariff?
A tax imposed on imported goods and services.
What is human development index (HDI)?
A measure of a country’s social and economic development, which includes life expectancy, education, and per capita income indicators.
In Breaking Bad, Walter White’s meth business creates a monopoly in Albuquerque. What economic concept does this monopoly illustrate when there's no competition, allowing him to control prices and supply?
Market power
Define price elasticity of demand and name the 5 different diagrams
A measure of how responsive the quantity demanded is to a change in price.
Perfectly Inelastic
Relatively Inelastic
Unitary Elasticity
Relatively Elastic
Perfectly Elastic
What is inflation?
A general increase in prices and a fall in the purchasing power of money.
What is an exchange rate?
The value of one currency in terms of another.
What is sustainable development?
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
In Avengers: Endgame, Thanos believes wiping out half the population will create more resources for the survivors. Which economic problem does this address?
Scarcity
Difference between central and commercial banks?What is the name of the central bank in India
The central bank is an institution that is responsible for the monetary policies of the country while the commercial bank provides banking and other financial services to the general public.
RBI
What is the fiscal policy?
Government policy regarding taxation and spending to influence the economy.
What is BOP?
A record of all economic transactions between residents of a country and the rest of the world over a given period.
What is poverty?
The condition where people lack the financial resources to meet basic living standards like food, shelter, and healthcare.
In The Hunger Games, the wealthy Capitol exploits the poor districts, hoarding resources and wealth. This represents what economic inequality issue between classes?
Wealth inequality or income disparity
What is marginal cost?
The additional cost incurred by producing one more unit of a good or service.
What is the natural rate of unemployment?
The unemployment rate that exists when the economy is at full employment, including frictional and structural unemployment but not cyclical unemployment.
What is the OPEC? Name few of the countries a part of it
The Organization of the Petroleum Exporting Countries is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit.
Iran, Iraq, Kuwait, United Arab Emirates(UAE), Saudi Arabia.
What is a developing economy?
A developing economy refers to an economy with relatively low per capita resources that undergoes a transformation process to increase resources and choices for its population.
In Stranger Things, Hawkins Lab operates in secrecy, using government funding to conduct experiments without public oversight. What economic concept relates to the hidden consequences of such government or corporate actions?
Externalities, particularly negative externalities, where third parties are affected by activities they are not involved in.
What is the difference between perfect competition and monopoly?
Perfect competition has many firms, free entry and exit, and identical products, whereas a monopoly has one firm that controls the market with no close substitutes.
What is stagflation?
A situation where an economy experiences stagnant growth, high unemployment, and high inflation simultaneously.
What is NYSE, NSE, BSE?
New York Stock Exchange:The largest stock exchange in the world by market capitalization.
National Stock Exchange
Bombay Stock Exchange
What is microfinance?
Financial services, such as small loans, provided to individuals in developing countries to help them start or expand small businesses.
In The Social Network, the story of Facebook’s rise illustrates what type of economic advantage, where a firm becomes more valuable as more users join its platform?
Network effect