Influential Economists
This Scottish economist wrote The Wealth of Nations and is known as the father of modern economics.
Who is Adam Smith?
A market structure where a single seller controls the entire supply of a product with no close substitutes.
What is a monopoly?
When the price of a good increases, the quantity demanded typically does this.
What is decrease?
There were no creatures stirring on the night before Christmas, not even one of these.
What is a mouse?
Ms. Cheng used to live on campus. Which building did she live in?
What is New House?
This economist's General Theory argued that government intervention is necessary to stabilize the economy during recessions.
Who is John Maynard Keynes?
The additional cost of producing one more unit of a good or service.
What is marginal cost?
This term describes goods where demand increases as consumer income rises, such as luxury cars.
What are normal goods (or superior goods)?
This giggling red monster was the hit of the holidays as the best-selling Christmas toy of 1996.
What is Tickle Me Elmo?
What is white?
What term describes how innovation drives economic progress by replacing old industries with new ones? Who coined it?
What is creative destruction, a theory by Joseph Schumpeter?
An economic system where the government owns and controls the means of production.
What is a command economy?
The point where the supply curve and demand curve intersect, determining market price and quantity.
What is equilibrium?
In Germany, this frightening anti-Santa Claus with goat’s hooves and horns punishes children who misbehave instead of bringing them gifts.
What is Krampus?
Ms. Cheng went to this university.
What is University of Waterloo? (or Queen's University)
This British economist developed the theory of comparative advantage, showing how trade benefits all parties.
Who is David Ricardo?
The percentage of the labor force that is unemployed and actively seeking work.
What is the unemployment rate?
A measure of how responsive quantity demanded is to a change in price, calculated as percentage change in quantity divided by percentage change in price.
What is price elasticity of demand?
This real-life department store served as the setting for the Christmas film “Miracle on 34th Street”.
What is Macy's?
If I could have one meal for the rest of my life - it would be this.
What is noodles?
This economist argued that population growth would outpace food production, leading to widespread poverty and famine.
Who is Thomas Malthus?
The total market value of all final goods and services produced within a country's borders in a specific time period.
What is Gross Domestic Product (GDP)?
When demand is perfectly inelastic, this is the value of the price elasticity of demand coefficient.
What is zero?
You can get your Christmas card postmarked not at the North Pole, but at the city called North Pole, located in this, the largest U.S. state.
What is Alaska?
This summer Ms. Cheng is going to travel. What country is she travelling to? (3)
What is Hungary, Austria & Czech Republic?