ECON 101
Inflation Nation
Financial Analyst
Bubble,Boom,Bust!
Sandman and Stasi
100
He is considered to be the "Father of Modern Economics" and believed that profits and prices would act as an "invisible hand"
Who is Adam Smith
100
What is used to measure inflation? 
What is the CPI (Consumer Price Index)
100
This term means that supply and demand are equal.
What is Equilibrium
100
This is period of economic decline which lasts for at least two consecutive quarters
What is a recession
100
This is an economy where production, investment, prices and income are determined by the central government.
What is COMMAND ECONOMY
200
This is the economic term that indicates that something is in short supply.
what is scarcity
200
This is the central bank of the US, which was created in 1913 after a series of financial panics. 
What is the Federal Reserve
200
This is portable power and acts as both a good and a medium of exchange.
What is MONEY!
200
The combination of booms and recessions (or the flow of economic activity) is called the:
What is the Business Cycle
200
Name a command economy (past or present)
What is:
E. Germany, USSR, China, Cuba, North Korea, Libya, Iran, Belarus, Myanmar, Laos, Turkmenistan
300
This is another word for financial assets or the value of assets.
What is capital
300
This type of inflation occurs when a good (like oil) becomes scarce.
What is "Supply Shock Inflation"
300
This is how much you have to pay to use someone else's money (or what the bank gives you for keeping your $ there)
What is INTEREST
300
The US experienced a bubble in THESE prices in 2006... and then they crashed...
What are HOUSING prices.
300
Give an example of how people in East Germany struggled when they transitioned from a command to a market economy?
Answers will vary
400
When a person increases consumption of a product, while keeping consumption of other products constant, there is a decline in the satisfaction that person derives from consuming each additional unit of that product.
What is this concept called?
What is the Law of Diminishing Marginal Utility
400
This type of inflation happens when a large number of people all want a certain product.
What is "Demand Pull Inflation"
400
How much money (percentage of deposits) are banks required to keep on hand?
What is 3%
400
The first recorded bubble happened during the Dutch Golden Age (1600s), when WHAT commodity lost its value?
What are TULIPS
400
Name THREE negative aspects of living in a command economy
Answers will vary
500
This chart represents:
What is The Law of Demand
(Law Of Demand states that as the price of a good or service increases, consumer demand for the good or service will decrease)
500
This is the term that's used when prices/wages have been adjusted for inflation.
What are "Real Prices"
500
This is the value of the next highest valued alternative use of that resource (ie the best alternative that you're sacrificing)
What is Opportunity Cost.
500
The Economic downturn in the US that lasted from 2007-2009 is called the ___________________ ?
What is "Great Recession"
500
What historic and symbolic event marked the end of East Germany's command economy?
What is the fall of the Berlin Wall.