Econ Essentials
This is the economic term for the cost of the next best alternative when making a choice.
What is opportunity cost?
This iconic creamery on campus is known for its legendary ice cream.
What is Berkey Creamery?
This is the name of the award winning org that’s hosting this Jeopardy game right now.
What is the Economics Association?
This rapper coined the term “Mo Money Mo Problems,” which economists might call diminishing marginal utility.
Who is Notorious B.I.G.?
This fruit has its seeds on the outside and is technically not a berry, despite its name.
What is a strawberry?
This curve shows all combinations of two goods that give a consumer the same level of satisfaction.
What is an indifference curve?
The name “Nittany” comes from this geographical feature near campus, which also inspired the mascot.
What is Mount Nittany?
At the start of every semester, the club kicks things off with this entrepreneurial-style game night event.
What is Shark Tank?
The 2001 film “A Beautiful Mind” is based on this Nobel Prize-winning economist known for his work in game theory.
Who is John Nash?
This is the only mammal capable of true flight.
What is a bat?
According to the Solow Growth Model, long-run economic growth is driven by this.
What is technological progress?
This lesser-known Penn State tradition involves students guarding this landmark during the week of the Michigan game to prevent vandalism.
What is the Lion Shrine Watch?
The Economics Association at Penn State was founded in this year.
What is 1968?
This artist’s concert tour in 2023 was credited with boosting local economies in every city she visited.
Who is Taylor Swift?
This paradox asks which came first — the chicken or the egg? According to evolutionary biology, the answer is actually this.
What is the egg?
In game theory, this type of strategy is optimal regardless of what the opponent does.
What is a dominant strategy?
Penn State is one of only a few universities in the U.S. to operate this kind of licensed facility on campus for educational and research purposes.
What is a nuclear reactor?
This student-run publication, produced by the Economics Association’s Print Education Committee, offers insights into economic topics and club activities.
What is The Optimal Bundle?
This economic concept explains why sneaker resellers can charge hundreds over retail for limited-edition drops from brands like Nike or Adidas.
What is scarcity or supply and demand?
This country eats the most chocolate per capita in the world.
What is Switzerland?
This theorem in welfare economics states that, under certain assumptions, competitive markets lead to a Pareto efficient allocation of resources.
What is the First Fundamental Theorem of Welfare Economics?
This is the name of the Penn State economist who developed a model for estimating economic multipliers, which is still cited in regional economics.
Who is Walter Isard?
This fuzzy creature — gifted on a past trip — has become the club’s unofficial mascot.
What is a beaver?
This term refers to the rising prices of concert tickets, driven by algorithms and resale markets, and named after a mythical beast.
What is dynamic pricing or the Ticketmaster dragon?
This is the only number that has the same number of letters as its actual value when spelled out in English.
What is four?