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Economics Fundamentals
Core economic principles — supply and demand, market structures, monetary policy, and trade.
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What is the law of supply and demand?
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When demand increases and supply stays the same, prices rise. When supply increases and demand stays the same, prices fall. Equilibrium is where they meet.
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What is GDP?
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Gross Domestic Product — the total monetary value of all goods and services produced within a country in a specific period. Key indicator of economic health.
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What is inflation?
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A sustained increase in the general price level. Measured by CPI. Moderate inflation (2%) is normal. Hyperinflation destroys purchasing power.
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What is opportunity cost?
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The value of the next best alternative you give up when making a choice. Every decision has an opportunity cost, even if not monetary.
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What is the difference between fiscal and monetary policy?
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Fiscal policy: government spending and taxation (set by government). Monetary policy: interest rates and money supply (set by central bank).
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What is comparative advantage?
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A country should specialize in producing goods where it has the lowest opportunity cost, then trade. This increases total output for all trading partners.
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What is a recession?
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Two consecutive quarters of declining GDP. Characterized by rising unemployment, falling consumer spending, and reduced business investment.
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What are the types of market structures?
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Perfect competition (many sellers, identical products), monopolistic competition (many sellers, differentiated), oligopoly (few sellers), monopoly (one seller).
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