What is inflation?
AnswerA general rise in prices over time
Inflation is a sustained increase in the general price level, so money buys less.
Business · Facts & stats
Economic facts & stats
7 fact-checked facts about economics, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
If demand for a product rises while supply stays the same, what usually happens to its price?
AnswerIt rises
When more buyers compete for the same supply, the market price tends to rise.
Going deeper
Which economist wrote 'The Wealth of Nations', published in 1776?
AnswerAdam Smith
Adam Smith's 'The Wealth of Nations' is a founding work of modern economics.
A market with only one seller is called what?
AnswerA monopoly
In a monopoly a single firm supplies the entire market.
What is the central bank of the United States called?
AnswerThe Federal Reserve
The Federal Reserve System, created in 1913, is the central bank of the United States.
Expert level
The word 'economics' comes from a Greek word meaning management of what?
AnswerA household
It comes from Greek oikonomia, from oikos (house) and nomos (law or management).
Which principle is summarized as 'bad money drives out good'?
AnswerGresham's law
Gresham's law says people hoard more valuable money and spend the less valuable kind.
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