Market Competition
In this market structure, a few large firms dominate the market and often watch each other’s pricing decisions closely.
Oligopoly
This monetary system ties a country’s currency directly to a fixed amount of gold, limiting how much money the government can print.
Gold Standard
This series of programs and reforms, launched by Franklin D. Roosevelt in the 1930s, aimed to provide relief, recovery, and reform after the Great Depression.
The New Deal
This economic indicator measures how optimistic or pessimistic people feel about their finances and the future of the economy.
Consumer Confidence
This is the total market value of all final goods and services produced within a country's borders in a specific time period.
GDP (Gross Domestic Product)
When rival companies secretly agree to raise prices together so no one undercuts the others, they are engaging in this behavior.
Collusive Oligopoly
The three functions of money are
Standard of Value, Medium of Exchange, Store of Value
Created in 1913, this institution manages the money supply and acts as the lender of last resort for U.S. banks.
The Federal Reserve
This type of high-risk home loan, given to borrowers with poor credit, was a primary trigger of this recent financial crisis.
The 2008 Sub-Prime Mortgage Crisis
This occurs when a country’s imports (what they buy from abroad) exceed its exports (what they sell to other nations).
Trade Deficit
Removed government control over ticket prices, routes, and market entry, and allowed airlines to compete freely instead of following federally set rules is an example of what?
Deregulation
Cocoa beans were used as currency by the Mayans and Aztecs, better known as
Commodity Money
This risky 1800s banking practice involved state banks issuing their own paper money, often without enough gold to back it.
Wildcat Banking
In the 1920s, this European nation saw prices double every few days, leading citizens to carry cash in wheelbarrows.
Hyperinflation
Headquartered in Geneva, this international organization sets the rules for global trade and helps resolve disputes between member nations.
World Trade Organization
This law made it illegal for companies to monopolize markets, fix prices, or collude in ways that reduce competition. The Sherman _______ Act
Anti-Trust Laws
This type of money has value because the government declares it legal tender, not because it is backed by gold or silver.
Fiat Money
Passed during the Civil War, this 1863 law created a system of nationally chartered banks and a uniform national currency.
National Bank Act
Often called the "market basket," tracks the average change over time in the prices paid by consumers for common goods and services.
Consumer Price Index
This economic policy uses tariffs and quotas to restrict imports in order to "shield" domestic industries from foreign competition.
Protectionism
The Monopoly Man Mascot is inspired by which historical businessman?
J.P Morgan
Savings Deposits, Money Market Funds, Certificate of Deposits, and other time deposits are categorized as what?
M2 Money Supply
This banking system requires banks to keep only a fraction of deposits as reserves while lending out the rest to earn interest.
Fractional Reserve Banking
This phenomenon occurs when a company reduces the size of weight of a product while keeping the price exactly the same
Shrinkflation
Coined by George Ritzer, this term describes how the fast-food industry's principles of efficiency and predictability are spreading to other cultures worldwide.
McDonaldization