What supply and demand equilibrium is — the price where quantity supplied equals quantity demanded

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 the efficient market hypothesis claims — prices reflect all available information

Efficient Market Hypothesis: Prices incorporate all publicly available information

What a limit order vs market order does — limit sets a price, market executes immediately

Limit orders set a price, market orders execute at current market price instantly

What the labor theory of value claims — the value of a good equals the labor required to produce it

Labor theory posits: Good's value equals production labor

What an automated market maker (AMM) does — uses a formula instead of an order book for trading

AMM employs a liquidity pool and a mathematical formula to set prices and facilitate trades

What the three forms of market efficiency are — weak, semi-strong, strong

Weak: Prices reflect all publicly available information; Semi-strong: Prices reflect all public and private information; Strong: Prices reflect all information, including private