Principles of Economics
This game involves a basic understanding about the terminologies used in economics
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Topics of this game:
- market structure with a small number of firms, none of which can keep the others from having significant influence
- cost to society created by market inefficiency, which occurs when supply and demand are out of equilibrium
- increase in revenue that results from the sale of one additional unit of output
- the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period
- average change in prices over time that consumers pay for a basket of goods and services, commonly known as inflation
- describes rapid, excessive, and out-of-control general price increases in an economy
- a fraction of deposits banks hold as reserve
- forgone benefit that would have been derived by an option not chosen
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