Economics Basics
Supply, demand, market structures and key economic theory.
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#1
Q: What is supply and demand?
A: Price determined by quantity supplied vs quantity demanded.
#2
Q: What is opportunity cost?
A: Value of the next best alternative you give up.
#3
Q: What is GDP?
A: Gross Domestic Product — total value of goods and services produced in a year.
#4
Q: What is a recession?
A: Two consecutive quarters of negative GDP growth.
#5
Q: What is monetary policy?
A: Central bank actions (interest rates, money supply) to control inflation.
#6
Q: What is fiscal policy?
A: Government taxation and spending to influence the economy.
#7
Q: What is a monopoly?
A: Market dominated by one seller with no close substitutes.
#8
Q: Law of diminishing returns?
A: Adding more of one input yields smaller increases in output over time.
#9
Q: What is comparative advantage?
A: Produce what you do at lowest opportunity cost, then trade.
#10
Q: What is a tariff?
A: A tax on imported goods to protect domestic industries.
#11
Q: Micro vs macroeconomics?
A: Micro studies individual markets/firms; macro studies national/global economies.
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