micro-waves
This term describes the most a consumer is willing to pay for a good minus the price they actually pay.
What is consumer surplus?
This Scotsman, nicknamed the father of economics, wrote The Wealth of Nations in 1776.
Who is Adam Smith?
This Fed website lets students find and graph economic data like GDP, inflation, and unemployment.
What is FRED?
A monetary policy where a central bank follows an explicit goal for the inflation rate, usually 2%.
What is Inflation Targeting?
This awesome Atlantan is education students about the Federal Budget.
Who is Phil Smith?
In a perfect competitive market, firms are considered "price takers" because they have no power to set this.
What is the market price?
This economist famously said: " in the long run we are all dead."
Who is John Maynard Keynes?
This is a variable in an economic model that is determined inside the model rather than taken as given from outside.
What is an endogenous variable?
The Fed's congressional requirement to guide monetary policy toward achieving two main economic goals: maximum employment and stable prices.
What is the Dual Mandate?
A situation where one party in a transaction has more or better information than the other
what is asymmetric information?
This Mathematician, portrayed by Russell Crowe, won the Nobel Prize in Economics for his work on Game Theory.
Who is John Nash?
Named for a British economist, this curve shows the inverse relationship between job vacancies and unemployment
What is the Beveridge Curve?
This member of the Fed's Board of Governors was recently nominated by Trump to replace Jerome Powell as Chair of the Federal Reserve.
Who is Kevin Warsh?
This figure tracks the gap between federal spending and revenue during the current budget year.
What is the current fiscal year deficit?
This is a market structure with one dominant buyer and many sellers.
What is monopsony?
This famous economist's vanity plate in California read: "MV = PY."
Who is Milton Friedman?
This is the rule of thumb that describes the link between the change in unemployment rate and change in GDP growth.
What is Okun's Law?
This qualitative report summarizes current economic conditions across twelve FED districts.
What is the Beige Book?
This item in the federal budget has been surpassed by interest payments on debt.
What is national defense?
In consumer theory, these are goods for which demand increases as the price increases, defying the standard law of demand because the income effect outweighs the substitution effect.
What is Giffen Goods?
This mathematician is considered the father of game theory.
Who is John von Neumann?
This institution puts together the CPI, while this other institution puts together the PCE.
The period of macroeconomic stability in the United States coinciding with the rise of central bank independence, beginning with the Volcker shock in 1980 and continuing until the Financial Crisis of 2008.
What is the Great Moderation?
These are the members who won the 2026 National Fiscal Challenge.
Who are Thi, Kasey, Emma, Jack, Tim, William Goofball III, Abbie, and Brent?