Micro Mysteries
This is a term for a graph showing the relationship between price and quantity demanded for a good or a service.
What is a demand curve?
A tax on imported goods.
What is a tariff?
This economist, who previously chaired the Federal Reserve, became the first woman to serve as the U.S. Secretary of the Treasury in 2021.
Who is Janet Yellen?
This term describes a market structure where a single seller controls the entire market.
What is a monopoly?
The logo of The Economist magazine is primarily this color.
What is red?
The additional satisfaction a person gets from consuming one more unit of a good.
What is marginal utility?
This curve shows the relationship between the level of unemployment and the rate of inflation.
What is the Philips Curve?
Elijah trades strawberries for a Herky hat with Elizabeth.
What is barter?
This type of market structure is characterized by many sellers offering similar but not identical products.
What is monopolistic competition?
This board game, created during the Great Depression, teaches players about property ownership, taxes and bankruptcy.
What is Monopoly?
This term describes the tendency to avoid risk and prefer safer investments.
What is being risk averse?
The central bank's sweet spot for inflation, aiming to keep the economy humming smoothly at around 2% per year.
What is the target inflation?
This type of monopoly happens when one company can provide a service more efficiently than any competitors due to high start-up costs and economies of scale
What is a Natural Monopoly?
In the movie The Big Short a group of investors profit by betting against this key part of the US economy.
What is the housing market?
This tasty economic indicator uses the price of a McDonald's menu item in different countries to serve up compare currency values and purchasing power.
What is the Big Mac Index?
Government spending determined annually by Congress through appropriations bills and includes expenditures on defense, education, and transportation
What is discretionary spending?
These hurdles keep new businesses from joining the party, like high costs and tricky regulations.
What are barriers to entry?
The economist portrayed in the movie "A Beautiful Mind" came up with this concept.
What is Nash Equilibrium?
Smokestack Industries are required to pay a tax to cover the cost of their polluting their neighbors.
What is internalizing the externality?
This British economist, who might have been the ultimate party guest in the 1930s, shook up the world with his bold ideas on how governments should manage the economy.
Who is John Maynard Keynes?
This country made headlines in 2021 by becoming the first in the world to adopt Bitcoin as legal tender, thanks to the efforts of its tech-savvy president.
What is El Salvador?
This chair of the Federal Trade Commission is known for her strong stance against monopolistic practices and Big Tech.
Who is Lina Khan?
This NPR podcast takes listeners on a wild ride through the world of economics, making complex topics as entertaining as a blockbuster movie.
What is Planet Money?