An organization that operates for the greater good and holds the objective of worldwide improvement.
What are Non-Profit Enterprises?
100
A term of social and economic order that encourages the acquirement of goods and services in excessive amounts. In the movie, "The Age of Stupid", this term is represented by the following image.
What is Consumerism?
100
The sum of all that is lost from choosing one course of action over another.
What is Opportunity Cost?
100
This type of measurement differs from that of GDP as it represents the quality of life in a country.
What is The Human Development Index (HDI)?
200
The mistaken belief that individual benefit automatically translates into social benefit.
What is The Fallacy of Composition?
200
The point on a supply and demand curve, which represents the quantity of a product that consumers are willing to buy equaling the quantity the producers are willing to supply.
What is The Equilibrium?
200
The way in which the government exerts influence on the economy through its budgetary decisions (i.e. taxation, expenditure, borrowing).
What is Fiscal Policy?
200
A paradoxical situation where countries with an abundance of non-renewable resources experience stagnant growth or even economic contraction.
What is “The Resource Curse”?
200
Committing to reusable water bottles, investing in energy-efficient light bulbs, taking shorter showers, and walking/biking instead of driving are all considered to be ways of achieving this.
What is reducing your Carbon Footprint?
300
The political orientation that combines a free market with a centralized authoritarian government having complete power.
What is Fascism?
300
A law stating that regardless of the level of satisfaction during initial consumption, continuous consumption of the same product will result in substantial decrease in satisfaction until it offers no satisfaction at all.
What is The Law of Diminishing Marginal Utility?
300
A term used to justify consumer spending caused by the mental fear of increasing prices in the future. Consumers then choose to buy a larger quantity of that product, thus causing the cost to rise because of the increase in demand.
What is Inflationary Psychology?
300
A successful economist credited to be the first economist to recognize the concept of comparative advantages.
Who is David Ricardo?
300
This is a substantial issue in today’s various economies and affects more than 800 million people across the globe.
What is World Poverty?
400
A German philosopher who addressed a wide range of political and social issues and had various economic theories, including The Labour Theory of Value.
Who is Karl Marx?
400
Economic activities that produce income but go unreported or under-reported.
What is the Hidden Economy/Black Market/Underground Economy?
400
An indicator used to determine annual changes by comparing the population’s purchasing of a fixed basket of goods and services.
What is The Consumer Price Index (CPI)?
400
A particular barrier to trade involving protection of inventions, literary or artistic works, and trademarks used in commerce.
What is Intellectual Property Infringement?
400
A form of economic planning – often formatted into a chart.
What is Economic Forecasting?
500
The following graph is a model of a Production Possibility Curve where the producer is able to make two products. Points located on the outside of the curve represent impossible calculation, and points marked on the inside of the curve (point C) represent this.
What is Product Inefficiency?
500
A market structure where a single seller controls an entire industry/market, allowing them to set their own price.
What is a Monopoly?
500
An economic comparison used to represent injections and leakages in reference to the circular flow of income – injections being the accumulation (inflow) of water and leakages being the depletion (outflow) of water.
What is The "Bath Tub" Comparison?
500
Deals with the rules of trade in merchandise goods and services and claims to want to improve the welfare of the peoples of its member countries, however it is often criticized for causing the rich to become richer and poor to become poorer.
What is The World Trade Organization (WTO)?
500
This states that all human beings are born free and equal in dignity and rights. They are endowed with reason and conscience and should act towards one another in a spirit of brotherhood.
What is The Universal Declaration of Human Rights?