Mr. Monopoly
The father of "creative destruction."
Who is Joseph A. Schumpeter?
How is the work of an economist, plumber, and garbage disposal worker similar in nature?
They all handle the gross domestic product.
Market structure with a single seller or producer that dominates an industry or sector.
What is a Monopoly?
A monopoly.
What is: Google, Amazon, USPS, Meta, Apple, Microsoft, VISA/Mastercard, Tesla, NVIDIA?
What happened when the capitalist lost all of his money on the stock market?
He went through a period of depression.
Private ownership of the means of production.
What is Capitalism?
Name an example of a new technology that may restrict profit maximization and "steady the ship" in the face of creative destruction.
What are: AI, Uber, AirBnB, streaming platforms, Amazon.
Who had the most success after inflation hit the market?
Bouncy castle makers.
When a large number of buyers and sellers have perfect information, free entry and exit, and homogenous products.
What is a Perfectly Competitive Market?
When few firms collaborate through secret agreements to increase collective profits.
What is a Cartel?
Why did one man prefer writing only in lowercase?
He wasn't too fond of capitalism.
The constant process of revolutionizing from within while destroying what once was.
What is Creative Destruction?
Name as many aspects of a monopoly you can think of (the person with the most correct answers wins).
What are: a single seller, no substitutions, a price maker, high barriers to entry, no competition, deadweight loss, economies of scale, price discrimination, etc.
How has the French Revolution affected world economic growth?
Too early to say.
When prices of goods and services remain constant despite changes in supply and demand.
What is Price Rigidity?