Terms (insert clever category name here)
This is the study of how people use limited resources to meet their needs.
What is Economics
THIS affects the market through the consumer's behavior and desire for a product.
What is demand?
THIS is enacted by the Fed in response to short term economic goals.
What is monetary policy?
Popmart created THIS by deliberately limiting the availability of Labubus to drive up demand.
What is artificial scarcity?
The ________ __________ __________ posits that the value of a commodity is determined by the physical and mental work required for its production.
What is the labor value theory?
This looks at the economy as a whole, focusing on large-scale indicators like GDP.
What is Macroeconomics?
When the price increases, demand will ______ due to affordability, prioritization, etc.
Changing THIS affects how much money banks are required to keep in liquid assets (like cash) in relation to customer deposits.
What is the reserve requirement?
___________is when the price of goods and services increases over time.
What is inflation?
THIS theory, championed by Adam Smith, states that value is based on cost of production such as materials or time paid to workers only for physical work. .
This forces individuals and societies to prioritize and conserve.
What is Scarcity
The temporary blockage of the Suez Canal in 2023 caused prices to go up due to suddenly limited __________ of goods.
What is supply?
This requires Congress and the President and typically targets long term economic goals
What is fiscal policy?
This applies to the limited nature of physical resources like land, water, and oil.
What is absolute scarcity
According to _____________ the value of a good is determined by how important or necessary it is to an individual.
What is subjective value theory?
Scarcity results in the need to choose one option over another, also known as THIS.
What is a trade-off?
Exceptions to the law of supply and demand include THIS, which is characterized by a good or service for which there is no adequate substitute.
What is a "Giffin" or essential good?
In order to cool or reduce inflation, the Fed can raise THIS to make borrowing more expensive and slow down the economy.
What is the discount rate (or interest rates for banks)?
_______ _________ means goods are hard to obtain in relation to demand, not necessarily physically. This is affected by subjective value.
What is relative scarcity?
This man's writing created the value theory that suggests not sharing profits with workers is a form of theft.
Who is Karl Marx?
This triple-named economist studied post-war Europe and challenged neoclassical economics, thus founding his own school of thought.
Who is John Maynard Keynes?
When one is hungry, the first slice of pizza brings immense satisfaction. The second is still good, but the sixth slice might make you feel sick. This is an example of _________ ___________ __________.
What is diminishing marginal utility?
Who is Janet Yellin?
THIS is typically measured by data such as life expectancy, literacy rates, access to education and health care, and housing conditions.
What is standard of living?
____________ is what you pay for a good or service; ______________ is determined by the worth of that good or service.
What are price and value (must be in that order)?