Academic Team - Minor - Social Sciences - Economy

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Law that states "Bad money drives out good"

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Gresham's Law

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Law that states "Supply creates its own demand"

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Say's Law

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Law that states "There is an inverse relationship between unemployment and the GDP"

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Okun's Law

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Law that states "Each additional unit of variable input yields less and less additional output"

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Law of diminishing marginal returns

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A graph that shows the different quantities of two goods that an economy could efficiently produce with limited resources

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Production possibilities frontier

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The cost of passing up the next best thing when making a decision

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Opportunity Cost

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Explanation of how trade can benefit all parties involved

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Comparative Advantage

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Money that has value because the government says it has value

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Fiat Money

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Both inflation and rising enemployment

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Stagflation

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Economic indicator that tracks the average price of a "Market basket of goods"

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Consumer Price Index

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Measures the output of a particular nation

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GDP (Gross Domestic Product)

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Measures the output of nationals of a particular country regardless of the actual location of that output

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GNP

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One buyer, many sellers

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Monopsony

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Condition where union membership is a requirement for employment

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Closed Shop

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An employment contract that forbids union membership

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Yellow Dog Contract

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Good whose demand rises as income decreases and vice versa
(Ex: Ramen Noodles)

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Inferior Good

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Inferior good whose demand rises with a rise in the price of that good

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Giffen Good

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Goods whose demands rise and fall inversely to each other

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Substitute Good

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Goods whose demands rise and fall with each other

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Complementary Good

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Plots taxable income against tax revenue

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Laffer Curve

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Plots the bottom % of households against the % of the total income they have

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Lorenz Curve

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Historical inverse relation between inflation and the rate of unemployment

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Phillips Curve

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1st Nobel Prize in Economics

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Frisch

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What Year did Frisch win the Nobel Prize in economics

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1969

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Who wrote "An American Dilemma"

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Myrdal

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What year did Myrdal win the Nobel Prize in Economics

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1974

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Founder of monetarism

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Friedman

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What year did Friedman win the Nobel Prize in Economics

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1976

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Pioneer in Game Theory

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Nash

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What year did Nash win the Nobel Prize in Economics

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1994

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Wrote "General Theory of Employment Interest and Money"

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Keynes

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Wrote "The New Industrial State"

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Galbraith

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Wrote "Affluent Society"

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Galbraith

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Wrote "The Great Crash of 1929"

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Galbraith

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Wrote "American Capitalism"

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Galbraith

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Advocated free market economy in his television series "Free to Choose"

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Friedman

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Wrote "A Monetary History of the United States" with Anna Schwartz

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Friedman

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Wrote "Capitalism and Freedom"

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Friedman

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Wrote "Principles of Political Economy and Taxation"

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Ricardo

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French Finance Minister for Louis XIV

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Colbert

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Wrote "Condition of the Working Class in England"

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Engels

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Wrote "Communist Manifesto" (With Marx)

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Engels

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Wrote "Progress and Poverty"

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George

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Wrote "An Essay on the Principles of Population"

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Malthus

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Wrote "Tableau Economique"

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Quesnay

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Wrote "The Road to Serfdom"

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Friedreich von Hayek