Basic Econ
This is the problem of having seemingly unlimited human wants in a world of limited resources.
Scarcity
This economic term describes a market structure dominated by a single seller who has total control over supply and prices.
Monopoly
This is the percentage of the labor force that is jobless and actively looking for work.
Unemployment
This professor's last name is one of the four seasons.
Dr. Winter
This park next to the Baker University Center has a large pond, flowerbeds, and a gazebo.
Emeriti Park
This is the desire of purchasers, consumers, or clients for a particular commodity or service.
Demand
This measure quantifies how responsive consumer demand or producer supply is to a change in price.
Elasticity
This is the primary indicator used to gauge the health of a country's economy, representing the total dollar value of all goods and services produced over a specific time period.
GDP
This professor oversees the Hall Scholars and plans the group's events every semester.
Dr. Paxton
This freshman dorm is considered to be the most haunted building on campus, with a sealed off room on the fourth floor that is now being used as a storage closet.
Wilson Hall
This is the loss of potential gain from other alternatives when one alternative is chosen.
Opportunity
This is the extra or additional satisfaction a consumer gets from consuming one more unit of a good or service.
Utility
This is the specific type of government policy that involves adjusting tax rates and public spending levels to influence the nation's economy.
Fiscal
This professor focuses on environmental economics and loves trivia.
Dr. Karney
These trees gifted from Chubu University in Japan, line the Hocking River bike path and draw massive crowds every spring.
Cherry Blossoms
This is a general increase in prices and fall in the purchasing value of money.
Inflation
This occurs when an economic activity imposes an unintended cost or benefit on an unrelated third party.
Externality
This economic phenomenon occurs when a nation experiences stagnant economic growth, high unemployment, and high inflation simultaneously.
Stagflation
This professor teaches the capstone course in economics and offers students the chance to do an independent study for economic research in the class.
Professor Toledo
Positioned at the corner of Court and Union streets, this historic brick and stone entrance serves as the formal gateway to the university's College Green.
Alumni Gateway
This French term describes an economic system in which transactions between private groups of people are free from or have minimal rules and taxes from the government.
Laissez-faire
This specific type of inferior good defies the standard law of demand because consumption ironically increases when its price rises.
Giffen
This multi-word concept describes the negative economic effect where increased government borrowing elevates interest rates, which subsequently reduces private sector investment spending.
Crowding-out
This professor received their PHD at Georgetown University in D.C.
Dr. Jayasuriya
This 1815 graduate, who later became a U.S. Senator and advisor to four presidents, was part of the very first two-person graduating class at the university (a residence hall is named after them).
Thomas Ewing