Econ Concepts
This basic economic problem arises because resources are limited but human wants are unlimited.
Scarcity
This CEO founded both Tesla and SpaceX and acquired Twitter in 2022.
Elon Musk
In this 2013 film, Leonardo DiCaprio plays Jordan Belfort, a stockbroker who rises—and falls—on Wall Street.
The Wolf of Wall Street
This social media giant was rebranded in 2021 to reflect its shift toward the “metaverse.” It also owns WhatsApp and Instagram.
Meta
Following the COVID-19 pandemic, Japan experienced a sharp decline in this key economic measure in 2020, marking one of the worst contractions since WWII.
GDP
This condition in general equilibrium theory states that no individual can be made better off without making someone else worse off.
Pareto efficiency
He succeeded Steve Jobs as Apple’s CEO and is known for his calm leadership and focus on supply chain excellence.
Tim Cook
This fictional boss from The Office once said, ‘I DECLARE BANKRUPTCY,’ not understanding how bankruptcy works.
Michael Scott
This luxury fashion brand, once led by Tom Ford and known for its GG monogram, is now part of the French conglomerate Kering. It’s been referenced in songs by artists like Beyoncé, Cardi B, and Kanye West.
Gucci
This Tokyo-based index, which includes Japan’s top 225 companies, is often used to gauge the country’s stock market performance.
Nikkei 225
Suppose the price of good A increases from 100 yen to 200 yen, and the quantity demanded of good B decreases from 600 units to 550 units. Based on cross price elasticity, what type of good is good B?
Complementary good
This ‘Oracle of Omaha’ is one of the most successful investors of all time.
Warren Buffet
This entrepreneur once sold flamethrowers to raise $10 million for his tunneling startup, The Boring Company.
Elon Musk
This South Korean tech firm is one of the world’s largest producers of smartphones and semiconductors, and a key competitor to Apple.
Samsung
During the 1980s, Japan experienced an economic bubble characterized by soaring real estate and stock prices before it burst in this decade.
1990s
If 2,000 people are unemployed and the unemployment rate is 8%, what is the size of the labor force?
25,000
He co-founded Alibaba and became one of China’s most well-known tech billionaires before disappearing from the public eye for a while in 2020.
Jack Ma
In 2021, a group of Reddit users caused a huge surge in the stock price of this video game retailer, surprising big hedge funds who had bet against it.
GameStop
Once just a payment tool for eBay, this fintech company now competes with banks and lets users “Pay in 4.” It also owns Venmo.
Paypal
In 2024, Japan’s central bank maintained this ultra-low policy to try and stimulate the economy and keep inflation near its 2% target.
Quantitive easing
1. Store of value
2. Medium of exchange
3. Unit of account
This steel magnate sold his company to J.P. Morgan in 1901 and became a legendary philanthropist.
Andrew Carnegie
This business magnate was portrayed by Jesse Eisenberg in The Social Network, which chronicles the controversial founding of his now-rebranded tech empire.
This Japanese conglomerate, known for its bold tech investments and its Vision Fund, has backed companies like Uber, ARM, and WeWork.
Softbank
Japan’s central bank set this target inflation rate in the 2010s to stimulate economic growth through “Abenomics.”
2%