My Doctors said I caught “Mono”, luckily it was just the -poly.
This term describes a market structure where there is only one producer or seller for a product, and no reasonable substitute exists.
Monopoly
This might be your reaction if you saw someone picking their nose and then chewing it, but in economics, it's what the G in GDP actually stands for.
Gross
This type of person is known for wanting to buy, have, and/or use goods and services, such as used DVD box sets of old Rick Moranis movies.
Consumers
Deadweight loss means lost economic this. Not to be confused with government handouts such as food stamps - which I use to buy lobster with. The word has to do with utility or overall happiness.
Welfare
The price of money in terms of time. A very interesting term. Much more interesting than learning physics or math or one of those boring subjects.
Interest
It's an exclusive right granted by the government to an inventor to produce or sell an invention. Like unnecessary inventions' invention "Avocado on a Stick"
Patents
If you thought the slime from a sci-fi movie (or my home cooking experiments) was icky, just wait until you learn about this GDP, which doesn't even bother to wipe down the slime left by inflation.
Nominal GDP
A consumer's willingness to pay is represented by this on a simple microeconomic diagram, and I'm not talking about all those 'miscellaneous' credit card charges on my credit card after a conference in Las Vegas which I am definitely not willing to pay for. Honey, I have no idea what those charges are! You found a hotel receipt in my laundry? I can explain everything!
Demand
No pains no this. Deadweight loss also means lost this. Not losses from trade but...
(Lost) Gains from Trade
The total amount of money in the economy. It includes coins and bills, certificates of deposit, checkings accounts and travelers checks - but not my aggressive Rottweiler Sheila.
Money Supply
his act was passed in the United States in 1890 to prevent artificial raising of prices by restriction of trade or supply — it's a key piece in the fight against monopolistic practices, and it's not just a euphemism for the fact that I have deep-seated trust issues.
The Sherman Anti-Trust Act of 1890
This statistic helps compare the GDP of different countries by converting values into a common currency, typically the U.S. dollar, using exchange rates. Think purchasing power. The price of a disgusting McDonalds double BigMac usually doesn't cost the same in both the United States and China. Nor do four equally disgusting filet-o-fishes.
Purchasing Power Parity
What consumers have to pay. According to Bob Barker this is right.
Price
This type of government regulation usually involves deadweight loss for both consumers and producers. It's not a tax or a subsidy. The answer is not s**t-show.
Price Controls
This type of monetary policy involves expanding the money supply and causes the interest rate to decline. Sort of like how my tummy expands after too many delicious Krispy Kreme donuts.
Expansionary Monetary Policy
This concept describes when a single company or group owns all or nearly all of the market because it simply wouldn't make sense for multiple competitors to produce the good, and because of the associated high fixed costs. Costs that are so high, one might say they are higher than a Georgia Pine Tree.
Natural Monopoly
This 'mainland' country has the largest GDP in the world (but only if you use purchasing power parity). Some of the foods eaten in this country such as chicken feet are considered by some to be the GROSS component of their domestic product.
The difference between a consumer's willingness to pay and the price they have to pay. It's a triangle on the microeconomic supply and demand model representing economic welfare. Not to be confused with the Bermuda triangle. Where ships and planes disappear. So spooky!
Consumer Surplus
Deadweight loss causes this, when markets aren't allocating their scarce resources properly, possibly due to markets themselves but more probably due to the government. Great work government!
Allocative Inefficiency
This type of operation employed by central banks involves the buying and selling of bonds. No, not the British spy known for his smooth gravitas and exciting gadgets. OMO not OO7..
Open Market Operations
This type of extreme monopoly is characterized by a market with many buyers but only a single seller that can dictate prices due to the lack of close substitutes for the product offered, often resulting in high barriers to entry for any would-be competitors.
This index is used by the country of Bhutan in place of their GDP because frankly their GDP numbers just don't cut the mustard. Which is theoretically better than cutting the cheese. At least in the smell department.
Gross Happiness Index
This type of regulation will cause consumer surplus to shrink. It's a type of price control that's way up high. Shrink meaning to become smaller, not a therapist.
Price Floor (or Minimum Price)
This type of business is known for having single sellers but also generates deadweight loss. It's not just the name of a board game I have a reputation for throwing across the room in a fit or rage when Grandma wins...
Monopoly
This unconventional monetary policy tool involves the central bank purchasing longer-term securities from the open market to increase the money supply and encourage lending and investment. Not to be confused with when I unbuckle my belt after a night pigging out on blue cheese.
Quantitative Easing