[ { "front": "Scarcity vs. Shortage", "back": "Scarcity is a fundamental economic problem where unlimited human wants exceed limited resources. It is always present. A shortage is a temporary market condition where the quantity demanded exceeds the quantity supplied at a given price, often due to price controls or sudden demand spikes.", "tags": ["microeconomics", "basic-concepts", "market-conditions"], "difficulty": "beginner", "suggested_review_interval_days": 1 }, { "front": "Absolute Advantage vs. Comparative Advantage", "back": "Absolute advantage refers to the ability to produce more of a good or service than competitors, using the same amount of resources. Comparative advantage refers to the ability to produce a good or service at a lower opportunity cost than competitors. Comparative advantage is the basis for mutually beneficial trade.", "tags": ["international-trade", "microeconomics", "production"], "difficulty": "beginner", "suggested_review_interval_days": 3 }, { "front": "GDP vs. GNP", "back": "Gross Domestic Product (GDP) measures the total monetary value of all finished goods and services produced within a country's borders in a specific time period. Gross National Product (GNP) measures the total monetary value of all finished goods and services produced by a country's residents, regardless of where the production takes place.", "tags": ["macroeconomics", "economic-indicators", "national-income"], "difficulty": "beginner", "suggested_review_interval_days": 3 }, { "front": "Fiscal Policy vs. Monetary Policy", "back": "Fiscal policy involves government decisions about spending and taxation to influence the economy (e.g., increasing government spending or cutting taxes). Monetary policy involves central bank actions to manage the money supply and credit conditions to influence the economy (e.g., adjusting interest rates or quantitative easing).", "tags": ["macroeconomics", "government-policy", "central-banking"], "difficulty": "beginner", "suggested_review_interval_days": 7 }, { "front": "Demand vs. Quantity Demanded", "back": "Demand refers to the entire relationship between the price of a good and the quantity consumers are willing and able to purchase at each price, represented by a demand curve. Quantity demanded is a specific point on the demand curve, representing the amount consumers are willing and able to purchase at a particular price.", "tags": ["microeconomics", "supply-demand", "market-forces"], "difficulty": "beginner", "suggested_review_interval_days": 1 }, { "front": "Normal Good vs. Inferior Good", "back": "A normal good is a good for which demand increases as consumer income increases. An inferior good is a good for which demand decreases as consumer income increases (e.g., instant noodles, public transport when income rises enough to afford a car).", "tags": ["microeconomics", "consumer-behavior", "elasticity"], "difficulty": "beginner", "suggested_review_interval_days": 3 } ]