How to Learn the Economics Terms
Economics has its own vocabulary — GDP, inflation, supply and demand — and understanding the news, a course, or a business decision starts with knowing these words. This deck teaches the essential terms in plain English.
There are 12 cards in the deck below. You can read through them, practise them right here with the flip-card player, and then save the deck to study properly with spaced repetition — the method that makes them stick for months, not minutes.
Why the basic economics terms is hard to memorize (and the fix)
The terms are abstract and a few are easily confused (fiscal vs monetary policy, inflation vs deflation). Pairing each with a one-line definition and example fixes it.
The fix is active recall plus spaced repetition. Instead of re-reading the list (which feels productive but barely works), you test yourself — pull each answer out of memory — and you review each card on a schedule that stretches over time. Every time you successfully recall a fact, the memory gets stronger and the next review is pushed further out. That's how you go from "I saw it once" to "I just know it."
The fastest way to learn the basic economics terms
- Break it into small batches. Learn the "big picture" terms first (GDP, inflation, recession), then the market terms (supply, demand), then the policy terms.
- Test, don't re-read. Look at the question, say the answer out loud before flipping the card. The little struggle to recall is what builds the memory — a smooth re-read does almost nothing.
- Review on a schedule. Spaced repetition shows you each card right before you'd forget it. Get one right and it comes back in a few days, then a week, then a month. Miss one and it comes back sooner.
- Keep sessions short and daily. Five to ten minutes a day beats a two-hour cram every time. Consistency is the whole game.
One fact per card. Supply and demand is the core: when demand is high and supply is low, prices rise.
The full deck: the Economics Terms
Here's every card in the set. Practise them above, or save the deck and let spaced repetition schedule your reviews automatically.
| Term | Definition |
|---|---|
| What is GDP? | Gross Domestic Product — the total value of goods and services a country produces |
| What is inflation? | A general rise in prices over time (money buys less) |
| What is deflation? | A general fall in prices over time |
| What is a recession? | A significant decline in economic activity (often two quarters of falling GDP) |
| What is demand? | How much of a good consumers want to buy at a given price |
| What is supply? | How much of a good producers are willing to sell |
| What happens to price when demand rises and supply stays the same? | The price rises |
| What is a monopoly? | When one company controls an entire market |
| What is fiscal policy? | Government use of spending and taxes to influence the economy |
| What is monetary policy? | A central bank's control of interest rates and money supply |
| What is opportunity cost? | The value of the next best thing you give up when you make a choice |
| What is a tariff? | A tax on imported goods |
Save this deck and actually remember it
Create a free account, keep this 12-card deck, and we'll schedule every review at the perfect moment. First deck free forever — no credit card.
Study this deck free →FAQ: learning the basic economics terms
How long does it take to learn the basic economics terms?
Most people can lock in the basic economics terms within one to three weeks of short daily sessions. With spaced repetition doing 10–12 cards a day, you'll recognise them within days and recall them reliably within a couple of weeks.
What's the best way to memorize the basic economics terms?
Active recall plus spaced repetition. Test yourself instead of re-reading, and review on a schedule that spaces the cards out over time. Flashcards are built for exactly this — which is why the deck above is the fastest path.
Is this deck free?
Yes. You can practise all 12 cards on this page for free with no account. Sign up (also free) to save the deck and let spaced repetition schedule your reviews so it sticks long-term.