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Free Economics Terms Flashcards
Econ vocabulary is the price of admission to understanding the news — inflation, GDP, elasticity. A compact deck of definitions makes every article and exam clearer.
Study these 10 starter cards
QUESTION
Tap the card to reveal the answer
QWhat is opportunity cost?
AThe value of the best alternative you give up when choosing
QWhat is inflation?
AA general rise in prices, reducing money’s purchasing power
QWhat is GDP?
AGross Domestic Product — the value of all goods and services produced in a country in a period
QWhat does the law of demand state?
AAs price rises, quantity demanded falls (other things equal)
QWhat is a monopoly?
AA market with a single seller and no close substitutes
QWhat is price elasticity of demand?
AHow much quantity demanded responds to a price change
QWhat is fiscal policy?
AGovernment use of spending and taxation to influence the economy
QWhat is monetary policy?
ACentral bank control of money supply and interest rates
QWhat is a recession (common definition)?
ATwo consecutive quarters of falling GDP
QWhat is comparative advantage?
AProducing at a lower opportunity cost than others — the basis for trade
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Create your free deck →How to study economics terms with flashcards
- One fact per card. Card each concept with a concrete example ("opportunity cost of studying = the shift you didn’t work") — econ sticks through examples.
- Rate honestly. After each card, choose Again, Hard, Good, or Easy — the spaced repetition algorithm uses your answer to decide when the card returns, right before you'd forget it.
- A few minutes daily beats marathons. Ten new cards a day is roughly 3,650 a year, retained. Deep dives: How to stay consistent with studying · Why you forget what you study.
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