What hyperinflation looks like — prices doubling every few days, as in Zimbabwe or Weimar Germany

What stagflation is and why Keynesian economics struggled to explain it

Stagflation: simultaneous high inflation and stagnant growth, challenging Keynesian focus on demand management

What deflation causes — falling prices discourage spending as consumers wait for cheaper goods

Deflation leads to decreased consumer spending due to anticipated lower prices

What the 1973 oil crisis caused — OPEC embargo quadrupled oil prices, triggering stagflation

1973 OPEC embargo quadrupled oil prices, sparking stagflation

What a Giffen good is — a good where demand increases as price increases (very rare)

Giffen good: Increased price leads to higher demand due to inferior necessity

What raising interest rates does — makes borrowing more expensive, slows spending and inflation

Raising interest rates makes borrowing more expensive, slows spending, and reduces inflation

What the Flash Crash of 2010 revealed — algorithmic trading can cause extreme market swings

Algorithmic trading can trigger rapid, severe market fluctuations, as seen in the 2010 Flash Crash