DEMANDING PUNS
This term describes the consumer's desire for goods and services. Also if you want to take a sick day, your crummy econ teacher might 'blank' a sick note.
Demand
This fundamental economic problem arises because resources are limited while human wants are unlimited, and unlike the Wuhan Flu it's not something you can get easily vaccinated against.
Scarcity
This term in economics is used to describe the satisfaction or benefit derived from consuming goods and services, which could include the joy from eating a slice of super duper meat lovers pizza! Sorry vegans!
Utility
This acronym stands for the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period, and it's not a new line of eco-friendly toy soldiers.
GDP
This term refers to the government's use of spending and taxation to influence the economy, and it's not about getting physically fit. Insofar as people know how to spell.
Fiscal Policy
This graph shows the various quantities of a good that consumers are willing and able to purchase at different prices, and it might also indicate how you slope down a spooky ski hill.
The Demand Curve
This principle explains how individuals and societies manage and allocate scarce resources, often leading to a need for trade-offs. It's not a treatment plan, but it does require some tough life choices.
Opportunity Cost
This concept in economics refers to the additional benefit or cost associated with consuming or producing one more unit of a good, and it's what you might consider before ordering one more serving of pepperoni on your personal pan pizza.
Marginality
This type of GDP is adjusted for changes in the currency's value and inflation; it's more accurate than just looking at the sticker price, even if you like to look at stickers. Like you really, really, like to look at stickers. To the point that it's awkard.
When the government spends more than it earns in a fiscal year, also students sometimes have an attention this disorder. Huh? Butterfly? What were talking about?
This type of good sees an increase in demand when consumer incomes rise. Unlike sea monsters, scary ghosts and frankenstein, it is not abnormal.
Normal Goods
This curve represents the trade-off between two goods that can be produced given a fixed amount of resources, and it's not to be confused with what I like to call my favorite dive bar in the Wild Wild West.
The Production Possibility Frontier
Economists use this principle, which holds that as a consumer increases the consumption of a good, there's a decline in the marginal utility that comes from consuming each additional unit, similar to feeling less satisfied with every extra slice you eat until you eventually throw up a sick combo of pepperoni pizza and pepsi.
Dimishing Marginal Utility
When economists refer to this 'domestic' type of GDP, they mean it includes the value of products made by a country's citizens and businesses, no matter where they are in the world - even in Australia, the country that is sometimes known as "Hot Canada".
GNP - Gross National Product
This type of fiscal policy involves increasing government spending and cutting taxes to stimulate the economy during a recession, much like pumping up the volume on your favorite workout track. ♫ MOOOON RIVEEER WIDER THAN A MILE.... ♫
Expansionary Fiscal Policy
STOP in the name of this economic concept. It suggests that at higher prices, buyers will purchase less of a good and vice versa for lower prices.
In this type of economy, decisions about resource allocation are made by the government. I like Kimchi as much as the next guy, but North Korea is a bit too much for me.
Command Economy
This term describes the total satisfaction received from consuming a certain amount of a good or service, like the entire happiness you get from eating a whole pizza, not just a single slice. Pig.
Total Utility
This term refers to the total value of goods produced and services provided in a country during one year per person, essentially giving an average output. Sort of like how most teachers only give out an average output while the best make snazzy jeopardy style quiz designs.
GDP Per Capita
When the government implements this kind of fiscal policy, it's aiming to cool down an overheating economy by decreasing spending or increasing taxes, similar to slowing down the pace on that dilapidated treadmill at the gym.
Contractionary Fiscal Policy
It's the term for when a change in the price of one good can affect the demand for another, like what happens between hot dogs and buns. Get a room hot dogs and buns!
Cross Price Elasticity
This term describes the cost of the next best alternative use of resources when one choice is made over another. You've heard of explicit movies but have you heard of...
Implicit Costs
When you've eaten enough pizza that the next slice adds no additional satisfaction, marginal utility is said to hit this numerical value, signaling that total utility is maximized. There's more to life than pizza you know?
Zero
This method of calculating GDP adds up all producers' incomes, where the income of a nation's residents (wages, rents, interest, and profits) equals the value of production of goods and services, much like tallying up all the revenue from product placements in a blockbuster film about 101 sweet, sweet, dalmatians.
The Income Approach
This term refers to the total amount of money that the government owes to creditors due to years of running deficits, and we're not talking about the good kind of running (like the one where you burn calories).
National Debt