| Built-In Inflation |
Inflation caused by workers demanding higher wages to keep up with rising prices, creating a cycle. |
Prices go up, workers want raises, bosses raise prices again — the dog chasing its own overpriced tail. |
| Bureau of Labor Statistics (BLS) |
Government agency that collects and analyzes employment, wage, and inflation data. |
The official scoreboard that insists you’re “doing fine” while you’re eating expired ramen. |
| Business |
An organization or system engaged in the exchange of goods or services for value. |
Any organized scheme to convert stuff, time, or vibes into cash — legally or otherwise. |
| Business Environment |
The combination of internal and external factors that influence a company's operations. |
The wild jungle your business must survive in — full of regulations, recessions, and Karen from Accounting. |
| Capital |
Financial assets or resources used to start and operate a business. |
Money, machines, or anything else you can squeeze cash out of — even grandma’s house. |
| Capitalism |
An economic system characterized by private ownership and the profit motive. |
The software we’re all forced to run — rewards ambition, sociopathy, and quarterly lies. |
| Central Bank |
A nation’s main monetary authority, managing money supply and interest rates. |
The wizard behind the curtain pulling levers to keep the economy from eating itself. |
| Circular Flow Model |
A diagram showing how money, goods, and services move between households, businesses, and government. |
The economy’s coloring book — a neat little loop that hides all the chaos and corruption. |
| Communism |
An economic system where the government owns all means of production and distributes resources equally. |
Everyone’s broke, the government hands you boots that don’t fit, and you pretend you’re happy about it. |
| Consumer Price Index (CPI) |
A measure of the average change in prices paid by consumers for a basket of goods and services. |
A magic number that says inflation isn’t that bad while your rent doubles. |
| Corporate Welfare |
Government subsidies and tax breaks given to corporations. |
Handouts for billionaires who swear the “free market” just needs one more bailout. |
| Cost |
The total expense incurred in producing goods or services. |
The bill that eats your revenue alive before profit ever shows up. |
| Cost of Living |
The amount of money needed to cover basic expenses like housing, food, and healthcare. |
How much you pay just to exist without screaming — spoiler: it’s always too high. |
| Cost-Push Inflation |
Inflation caused by rising production costs. |
When producers say, “Sorry, materials cost more, so now your coffee is $12.” |
| Cyclical Unemployment |
Job loss caused by economic downturns or recessions. |
“Sorry, the economy’s sad right now, so you’re fired.” |
| Demand-Pull Inflation |
Inflation caused when demand outpaces supply. |
Too many people chasing too few goods — like Black Friday, but every day. |
| Depression |
A prolonged, severe downturn in economic activity. |
A recession so bad even the rich stop smiling. |
| Economic Policy |
Government actions (fiscal or monetary) used to influence economic outcomes. |
The levers politicians yank while telling you everything’s “under control.” |
| Economics |
The study of how individuals and societies allocate scarce resources. |
Organizing chaos into charts so we can argue with confidence. |
| Economist |
Someone who analyzes and models economic behavior and trends. |
A spreadsheet clairvoyant with very strong opinions. |
| Economy (The Economy) |
The system of production, distribution, and consumption of goods and services. |
The invisible beast deciding if you eat steak or instant noodles. |
| Elasticity |
How much demand or supply changes when prices change. High = people switch fast; low = people stick. |
How fast folks dump your product once it gets pricey — unless it’s toilet paper, coffee, or Wi-Fi. |
| Employment |
The state of having paid work. |
Trading hours of your life for rent and dental. |
| Factor Market |
Markets where resources like labor, capital, and land are bought and sold. |
Where people sell time/skills so firms can spin it into profit. |
| Factors of Production |
Inputs used to make goods/services: land, labor, capital, entrepreneurship, knowledge. |
The ingredients: dirt, people, money, guts, and Google. |
| Frictional Unemployment |
Short-term joblessness during job changes or labor market entry. |
Between gigs—broke, but hopefully briefly. |
| Full Employment |
Employment level with only minimal, normal unemployment. |
Almost everyone has a job; complaining remains universal. |
| GDP Trend |
The pattern of growth or contraction in Gross Domestic Product over time. |
The economy’s weather report — sunny, stormy, or recession tornado. |
| Goods |
Tangible products that can be seen, touched, and stored. |
Stuff you can kick, break, or return when it disappoints you. |
| Gross Domestic Product (GDP) |
Total market value of all final goods and services produced within a country. |
The big scoreboard—says we’re winning even if you aren’t. |
| Households |
Consumers who supply labor and purchase goods/services. |
Everyone not rich enough to be “shareholders.” |
| Human Resources (HR) |
Department that manages hiring, benefits, compliance, and employee relations. |
Corporate handlers who make firing sound like “transitioning.” |
| Hustle |
(Colloquial) A way of earning income through effort and initiative. |
The fine art of turning chaos into cash. Sometimes legal. Usually exhausting. |
| Inflation |
General rise in prices over time, reducing purchasing power. |
Your money shrinking while your bills bulk up. |
| Labor |
Human effort (physical and mental) used in production. |
Sweat, stress, and spine you rent out by the hour. |
| Libertarianism |
A philosophy advocating minimal government intervention in personal and economic matters. |
“Let the market handle it” — translation: billionaires eat first, you lick the crumbs. |
| Lobbyist |
A professional who attempts to influence lawmakers on behalf of clients or industries. |
A hired whisperer who turns campaign cash into laws. |
| Macroeconomics |
The study of the economy as a whole, focusing on growth, inflation, and unemployment. |
The wide-angle lens: everything looks huge, blurry, and scary. |
| Market |
A system where buyers and sellers exchange goods and services. |
The eternal swap meet — only with hedge funds bidding too. |
| Microeconomics |
The study of individual consumers, firms, and specific markets. |
Zoomed-in chaos: Starbucks, you, and your boss screwing each other daily. |
| Mixed Economies |
Economic systems combining market freedom with government regulation. |
Capitalism in public, socialism in emergencies. |
| Neoliberalism |
An ideology favoring free markets, deregulation, and reduced government spending. |
The 1980s fever dream where greed was good and deregulation was dessert. |
| Not-for-Profit or Nonprofit |
Organizations that operate for purposes other than generating profit, often to serve a social cause. |
Capitalists with guilt. They still hustle, but for causes instead of yachts. |
| Producer Price Index (PPI) |
Measures average changes in prices received by domestic producers for goods and services. |
The early-warning system for “your bills are about to go up.” |
| Production Factors |
The resources needed to produce goods and services. |
The stuff capitalism chews up to spit out products. |
| Profit |
The financial gain remaining after costs are subtracted from revenue. |
The scraps left after costs finish mugging your revenue. |
| Purchasing Power |
The value of money in terms of the goods and services it can buy. |
How much junk your paycheck actually gets you before rent eats it. |
| Quality of Life |
The overall well-being and life satisfaction of individuals in a society. |
Whether you can enjoy what you earn without needing therapy. |
| Revenue |
Income generated from normal business operations. |
Money in — the sweet sound before costs mug it in an alley. |
| Recession |
A significant decline in economic activity lasting more than a few months. |
The economy’s ghosting phase — suddenly no one’s buying, hiring, or smiling. |
| Risk |
The possibility of loss or unfavorable outcome in business or investment. |
All the ways your big idea can blow up in your face. |
| Seasonal Unemployment |
Joblessness tied to predictable seasonal work patterns. |
Mall Santas in January, lifeguards in December — see you next season. |
| Services |
Intangible activities or benefits provided for a fee. |
Paying people to do stuff you can’t (or won’t) do yourself. |
| Socialism |
An economic system where key industries are owned or regulated by the state. |
The government runs healthcare and transit, and capitalists scream endlessly. |
| Structural Unemployment |
Job loss caused by shifts in the economy or technology making skills obsolete. |
Congrats — a robot or algorithm does your job better now. |
| Standard of Living |
The level of wealth, comfort, and material goods available to a person or community. |
How much shiny crap you can afford to buy. |
| Thorazine |
A drug used to treat psychiatric disorders. |
Capitalism’s unofficial chill pill. |
| Unemployment |
The condition of being jobless and actively seeking work. |
Funemployment stats politicians brag about while you cry on Indeed. |
| Underemployment |
Employment below one’s skill level or with insufficient hours. |
You’ve got a job, but it’s depressing and broke. |
| Vibes |
(Colloquial) The mood or atmosphere of a situation. |
The most powerful economic indicator: good vibes = boom, bad vibes = bust. |
| Wages |
Compensation paid to workers for their labor. |
The crumbs tossed your way for renting out your spine and sanity. |
