Market Economics
Basic Economics
Vocabulary
Famous Economists and Entrepreneurs
Rankings
100
The law of supply states that as prices go up this happens to the quantity supplied of the same good or service.
What is increases or goes up?
100
This is the study of how individuals, firms, and nations make choices about how to allocate their scarce resources.
What is economics?
100
One of the rules of economics is that people respond to these, things that are offered to encourage certain actions.
What are incentives?
100
This person became famous for being a part Paypal, Tesla, and Space X.
Who is Elon Musk?
100
According to a Forbes article by Jo Groves in 2023, the United States dollar is ranked where in value when compared with other country's currencies. (Between 1-10)
What is 10th?
200
The United States has been a capitalistic nation with this type of economy.
What is a Market Economy?
200
This is the state of having unlimited human wants in a world of limited resources.
What is scarcity?
200
This is the term for the physical and mental work effort put in by people.
What are human resources?
200
This person is an American economist, economic historian, and social and political commentator. He has influenced US Presidents and Supreme Court Justices mainly through applying economics to common social problems.
Who is Thomas Sowell?
200
The Organization for Economic Cooperation and Development (OECD) which measures quality of life according to 11 factors ranked the United States at this level among 34 countries it tracks.
What is 7th?
300
Things that people buy more of when they are cheap and less, or none of, when they are expensive are said to have this type of demand.
What is elastic demand?
300
The value of the next best alternative or choice, and every choice you have has one.
What is an opportunity cost?
300
This is the term for concentrating ones efforts in a particular activity, field, or practice.
What is to specialize?
300
This television personality, basketball team owner, and investor is sometimes seen on Sharktank where they try to grab ideas that can make some real money.
Who is Mark Cuban?
300
The United States has the world's largest economy, measured through GDP. But it is second in purchasing power parity after this country.
What is China?
400
A good that you buy less of as your income increases is known as this.
What is an inferior good?
400
The process of weighing the pros and cons of a decision in order to choose the best option.
What is a cost-benefit analysis?
400
This is the process or action of distributing something.
What is allocation?
400
This person might be the greatest middle man on earth today; connecting people who want a product to an enormous amount of products that fit those desires.
Who is Jeff Bezos?
400
The third largest economy in the world belongs to this European nation, whose Chancelor Olaf Scholz plans to modernize their economy in the near future.
What is Germany?
500
Things that people buy regardless of the price, like milk or medicine, are said to have this type of demand.
What is inelastic?
500
This is the person or people who take risks to increase their investments.
Who are entrepreneurs?
500
This "Rule" is based off the idea that your investments should double in at least six years.
What is the "Rule of 72"?
500
This person was a pioneering British economist whose theories revolutionized modern macroeconomics and government economic policy. He argued that government intervention is essential to manage economic recessions and maintain employment.
Who is John Maynard Keynes.
500
If California were its own country, its economy would be ranked at this number compared to the rest of the world.
What is fifth?