Core economic concepts
Money earned from work, investments, or business
What is income?
Value of the next best choice you give up.
What is opportunity cost?
Cost labels on store products.
What are price tags?
Predict future GDP or inflation trends.
What is to forecast?
Total value of all goods and services produced in a country yearly.
What is GDP?
Government spending and taxation to manage the economy.
What is fiscal policy?
Owner of company shares with voting rights.
What is a shareholder?
Differences in pay between workers, often by gender or skill.
What is wage disparity?
Prices or unemployment rates rise.
What is to increase?
A professional role involving office-based work, like economists or analysts.
What is a white-collar job?
Balance point where supply meets demand.
What is market equilibrium?
Measure of demand sensitivity to price changes.
What is elasticity?
Replacing human jobs with automation or AI.
What is job replacement?
A synonym to "represent".
What is to stand for?
When economy output falls for two straight quarters.
What is a recession?
Safe investments like gold during market turmoil.
What are haven assets?
Something motivating behavior, like tax cuts.
What is an incentive?
Real work experience, not theory.
What is a hands-on experience?
Escape consequences without punishment
What is to get away with something?
Government borrowing to cover spending over revenue.
What is a budget deficit?
Single seller controlling prices in a market.
What is a monopoly?
Government programs providing societal well-being, like healthcare aid.
What is welfare?
In reality (contrasting expectations vs. truth).
What is actually?
What central banks do to interest rates to fight inflation.
What is to raise?
Central bank adjustments to money supply and rates.
What is monetary policy?