Micro and Macro
Calculated using this formula Y=C+I+G+((X-M), this is a measure of the total value of goods and services produced within a country.
What is GDP?
This country is the top exporter of rice, which they use in many of their most famous dishes like biryani and pulao.
What is India?
Wealth of Nations, the Invisible Hand
Who is Adam Smith?
In October of 1973 this 'cartel' announced an oil embargo that caused oil prices to rise nearly 300% in the West.
What is OPEC?
This country is both the 2nd largest economy and the 2nd most populated nation in the world.
What is China?
The phrase "there's no such thing as a free lunch" is often used to describe this concept, defined as the potential benefits forgone by choosing one option over another.
What is opportunity cost?
This Asian country mainly exports motor vehicles, making it one of the top three car exporters worldwide.
What is Japan?
Multiplier effect, the Great Depression, "Father of Macroeconomics"
Who is John Maynard Keynes?
On October 29, 1929, the DJI dropped 11 percent in a single day, which gave the day this dark two-word nickname.
What is Black Tuesday?
Before achieving worldwide stardom as a rock and roll front man, this singer couldn't get no satisfaction in studying accounting at the London School of Economics.
Who is Mick Jagger?
The elasticity of demand in a market has to be greater than this number in order for the demand to be considered elastic.
What is one?
As the top exporter of the fruit, this South American country provides 30 percent of the worlds banana supply.
What is Ecuador?
Comparative advantage, classical economics
Who is David Ricardo?
In January of 1813, Denmark-Norway was forced to declare bankruptcy, due largely in part to their loyalty to this French emperor and his costly wars.
Who is Napoleon?
This European company uses a staggering 1% of the worlds lumber each year, enough to make about 100 million pieces of furniture.
What is IKEA?
When a mob of weavers known as the Luddites took up arms in the 1800s to destroy mechanical looms that were taking their jobs, they were experiencing this type of unemployment.
What is structural?
This country is the worlds largest exporter of flowers, making up 53% of the worlds exports of flowers.
What is The Netherlands?
"The Problem of Social Cost", transaction costs
Who is Ronald Coase?
In 2011 Norway was experiencing a "smør-panik", a shortage of this food product that caused its prices to soar.
What is butter?
This world leader defined politics as "the most concentrated expression of economics" in 1903.
Who is Vladimir Lenin?
This type of monopoly occurs as a result of a market situation where the costs of production are minimized by having a single firm producing the product.
What is a natural monopoly?
This country's main business is tea; its tropical climate and volcanic red soil along the great rift valley make it the top exporter of the product in Africa.
What is Kenya?
Monetarism, free-market, Natural Rate of Unemployment
Milton Friedman
This 14th century Tunisian philosopher was among the first theorists to examine the division of labor, profit motive, and international trade.
Who is Ibn Khaldun?
This person was the chair of the Federal Reserve that brought inflation down from as high as 14.8 percent during the 1970s and 80s.
Who is Paul Volcker?