Econ Vocabulary
A general rise in prices
What is inflation?
Author of The Wealth of Nations
Who is Adam Smith?
The currency used in Japan
What is the yen?
The extra money you pay when you buy something abroad, often because of currency differences
What is an exchange rate fee?
This idiom means that being efficient with your time can save or earn you money
What is "time is money"?
The value of the next best alternative
What is opportunity cost?
Economist who advocated government spending during recessions
Who is John Maynard Keynes?
Abbreviation for the New York Stock Exchange
What is NYSE?
The type of cost you pay every month for things like rent, internet, or gym membership
What are fixed costs?
The idiom you use when something costs so much, it ruins your finances
What is "to break the bank"?
A market with only one seller
What is a monopoly?
Economist who developed comparative advantage theory
Who is David Ricardo?
The most prominent digital cryptocurrency
What is bitcoin?
When shops lower prices to attract customers, especially during holidays or sales events
What is a discount?
A business that consistently generates profits is often called this farm animal
What is a "cash cow"?
The total value of goods and services produced in a country
What is GDP?
Economist known for monetarism
Who is Milton Friedman?
A payment to shareholders from company profits
What is a dividend?
The invisible force that balances how much people want something with how much is available
What is supply and demand?
When you have to spend less and live more frugally
What is "tighten your belt"?
The responsiveness of demand to price changes
What is elasticity?
Nobel Prize–winning economist focused on welfare and development
Who is Amartya Sen?
A market characterized by falling prices
What is a bear market?
The reason governments require citizens to contribute money, which is then used for schools, roads, and hospitals
What are taxes?
This idiom reminds us that money is limited and doesn’t appear magically
What is "money doesn't grow on trees"?