Basic Economics
Vocabulary
Famous Economists and Entrepreneurs
Random
100
The law of supply states that as prices go up this happens to the quantity supplied of the same good or service.
It increases or goes up.
100
One of the rules of economics is that people respond to these, things that are offered to encourage certain actions.
What are incentives?
100
This person became famous for being a part Paypal, Tesla, and Space X.
Who is Elon Musk?
100
According to a Forbes article by Jo Groves in 2023, the United States dollar is ranked where in value when compared with other country's currencies. (Between 1-10)
What is 10th?
200
This is the state of having unlimited human wants in a world of limited resources.
What is scarcity?
200
What is it called when there is prolonged upward movement in prices?
What is inflation?
200
This person is an American economist, economic historian, and social and political commentator. He has influenced US Presidents and Supreme Court Justices mainly through applying economics to common social problems.
Who is Thomas Sowell?
200
In 2025, according to a reputable source, Tennessee ranks where in the nation for current best economic outlook?
What is 2nd!
300
The value of the next best alternative or choice, and every choice you have has one.
What is an opportunity cost?
300
This is the term for concentrating one's efforts in a particular activity, field, or practice.
What is to specialize?
300
This famous economist advocated for free markets and monetarism, where the government should control the money supply.
Who is Milton Friedman?
300
The United States has the world's largest economy, measured through GDP. But it is second in purchasing power parity after this country.
What is China?
400
In a market economy, what is the signal consumers see that reflects a product's scarcity?
What is a price?
400
This is one of the "signs" that an economy is in trouble.
What is high unemployment?
400
This person might be the greatest middle man on earth ; connecting people who want a product to an enormous amount of products that fit those desires.
Who is Jeff Bezos?
400
The third largest economy in the world belongs to this European nation, whose Chancelor Olaf Scholz plans to modernize their economy in the near future.
What is Germany?
500
The law of demand states that as prices go down this happens to the quantity demanded of the same good or service.
It increases or goes up.
500
How do we measure the "value" of what a country produces?
What is Gross Domestic Product (GDP)?
500
This person was a pioneering British economist whose theories revolutionized modern macroeconomics and government economic policy. He argued that government intervention is essential to manage economic recessions and maintain employment.
Who is John Maynard Keynes.
500
How many economists does it take to change a light bulb?
None. If the light bulb needs to be changed, then the markets would have done it already!