Microeconomics
Macroeconomics
Vocab
Famous Folks
Officer Fun Facts
100
A term describing the situation where the quantity supplied of a good exceeds the quantity demanded for the good.
What is a surplus?
100
Total dollar (market) value of all final goods and services produced in any given year.
What is Gross Domestic Product (GDP)?
100
The law describing how holding all else equal, there is direct relationship between the quantity supplied for a good & price.
What is the law of supply?
100
The founder of modern-day capitalism. His most notable economic work includes "An Inquiry into the Nature and Causes of the Wealth of Nations."
Who is Adam Smith?
100
saw a falcon from my window
Who is Florence?
200
The quantity marginal cost must equal in order for consumption to stop (assuming a rational consumer).
What is marginal benefit?
200
The measure of an economy's health which is calculated using the following equation:
100 * U / (E + U)
U - unemployed; no job, but looking for work
E - employed; working at least one hr as a paid employee
What is the unemployment rate?
200
The type of policy which influences the use of a government's spending and taxation to influence the economy.
What is fiscal policy?
200
The author of "General Theory of Employment, Interest and Money," who is most well-known for his work in emphasizing the necessity of government intervention to correct business cycle downturns.
Who is John Maynard Keynes?
200
Can juggle
Who is Kirby?
300
The direction the demand curve would shift for a good if consumers suddenly experience a stronger preference for the good.
What is right?
300
The name for unemployment caused by the business cycle.
What is cyclical unemployment?
300
The total demand for goods/services at given price level.
What is aggregate demand?
300
He authored "Capitalism and Freedom," but he is most well-known for his influence in policymaking. He was a laissez-faire economist who was one of Reagan's key economic advisors.
Who is Milton Friedman?
300
Has never had a pet.
Who is Ashish?
400
The market structure characterized by many small firms compete against each other for similar but differentiated products.
What is monopolistic competition?
400
One of the three main functions of this concept is that it can function as a unit of account.
What is money?
400
The measure of the money supply which is comprised of currency, demand deposits, and other liquid deposits.
What is M1?
400
A former Princeton professor for his discovery of a certain equilibrium in game theory. His life is the subject of the film A Beautiful Mind.
Who is John Nash?
400
Can deadlift their sibling.
Who is Sanyukta?
500
The market structure characterized by a singular buyer.
What is a monopsony?
500
The model illustrated below:
What is the circular flow model?
500
The statistical measure of income inequality based on the Lorenz curve that summarizes how income is distributed across a population.
What is the Gini coefficient?
500
A former Berkeley professor whos is known for her contributions to Keynesian economics. She is the first person in American history to have led the White House Council of Economic Advisors, the Federal Reserve, and the Treasury Department.
Who is Janet Yellen?
500
Has had a ladybug and several hermit crabs as pets
Who is Leo?