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Market Fundamentals
$200The total amount of a specific good that is available to consumers.
$400This occurs when the quantity demanded exceeds the quantity supplied at the current price.
$600The responsiveness of the quantity demanded of a good to changes in its price.
$800The additional satisfaction a consumer gains from consuming one more unit of a good.
$1000A situation in which a single company or group owns all or nearly all of the market for a given type of product.
Global Finance
$200The central bank of the United States tasked with managing monetary policy.
$400The total market value of all finished goods and services produced within a country in a specific period.
$600A sustained increase in the general price level of goods and services in an economy over a period of time.
$800The rate at which one currency is exchanged for another.
$1000The international organization that oversees the global financial system and promotes exchange stability.
Key Figures
$200Author of The Wealth of Nations, he is often considered the father of modern economics.
$400British economist who advocated for government intervention during economic downturns.
$600Austrian-British economist known for his defense of classical liberalism and free-market capitalism.
$800American economist who won a Nobel Prize for his work on monetarism.
$1000Development economist who proposed the theory of the big push model for industrialization.
Behavioral Economics
$200The cognitive bias where people rely too heavily on the first piece of information they receive.
$400A concept describing how people tend to weigh potential losses more heavily than equivalent gains.
$600The tendency to prefer things to stay the same by doing nothing or sticking to a previous decision.
$800The phenomenon where individuals' choices are influenced by how the options are presented.
$1000The psychological effect where people overvalue an object they own simply because they possess it.
Economic History
$200The severe worldwide economic downturn that began in 1929.
$400A period of rapid economic growth in the late 19th century characterized by industrialization.
$600The 1970s economic phenomenon marked by high inflation and high unemployment.
$800The widespread economic liberalization in the 1980s led by Thatcher and Reagan.
$1000The 17th-century Dutch mania surrounding the rising prices of flower bulbs.
Economic Systems
$200An economic system based on private ownership of the means of production and their operation for profit.
$400A system where the government controls the means of production and allocates resources.
$600An economic system combining private and public enterprise.
$800A system where tradition and customs determine the production and distribution of goods.
$1000A hypothetical stage in Marxist theory where there is no state or class structure.