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Jeopardy!. Begin. Key Terms. Unemployment/Inflation. Supply. Demand. GDP. Misc. $100. $100. $100. $100. $100. $100. $200. $200. $200. $200. $200. $200. $300. $300. $300. $300. $300. $300. $400. $400. $400. $400. $400. $400. $500. $500. $500. $500. $500. $500.

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Jeopardy!

Begin


Key Terms

Unemployment/Inflation

Supply

Demand

GDP

Misc.

$100

$100

$100

$100

$100

$100

$200

$200

$200

$200

$200

$200

$300

$300

$300

$300

$300

$300

$400

$400

$400

$400

$400

$400

$500

$500

$500

$500

$500

$500


- $100

What is the law of supply?

C1-$100

The higher the price for a good or service, all other things being equal, leads suppliers to supply a greater quantity of that good or service


- $200

What kind of relationship is present in the law of supply and why?

C1-$200

Positive/direct relationship because at higher prices, profit-seeking firms have an incentive to produce more


- $300

What are the shifters of supply?

C1-$300

  • Prices/Availability of inputs

  • Number of Sellers

  • Technology

  • Government Action

  • Opportunity Cost of Alternative Production

  • Expectations of Future Profit


- $400

What is the difference between a long-run aggregate supply curve and a short-run aggregate supply curve?

C1-$400

Wages and prices will increase as price levels increase in a LRAS; wages and princes will not increase as price levels increase in a SRAS


- $500

What are the shifters of aggregate supply?

C1-$500

  • Resource prices

  • Actions of the government

  • Productivity/technology


- $100

What is the law of demand?

C2-$100

The higher the price for a good or service, al other things being equal, leads people to demand a smaller quantity of that good or service


- $200

What type of relationship can be found in the law of demand and what does that say about the slope?

C2-$200

Inverse relationship; demand curve will slope downward


- $300

What are the shifters of demand?

C2-$300

  • Tastes and preferences

  • Number of consumers

  • Price of related goods

  • Income

  • Future Expectations


- $400

What shifts the aggregate demand curve?

C2-$400

GDP= C+I+G+X


- $500

What are the determinants of aggregate demand?

C2-$500

  • Change in consumer spending

  • Change in investment spending

  • Change in government spending

  • Change in net export spending


- $100

How is GDP calculated?

C3-$100

C+I+G+X


- $200

How is the percent change in GDP, from year to year, calculated?

C3-$200

(Year 2-year 1)/Year 1 x 100


- $300

What is the best measure of a nation’s standard of living?

C3-$300

Real GDP per capita


- $400

What is the difference between real GDP and nominal GDP?

C3-$400

Real GDP is expressed in constant dollars and nominal GDP is measured in current prices


- $500

Why do some countries have higher GDPs than others?

C3-$500

  • Availability and quantity of natural resources

  • Availability of capital

  • Economic system


- $100

What is unemployment rate?

C4-$100

The percent of people in the labor force who want a job but are not working


- $200

Who is in the labor force?

C3-200

People above 16 years old, able and willing to work, not institutionalized, not in the military, in school full time, or retired


- $300

What is the main effect of inflation?

C3-$300

It reduces the purchasing power of money; each dollar of income will buy fewer goods and services


- $400

What are the three causes of inflation?

C3-$400

  • The government prints too much money

  • Demand-pull inflation

  • Cost-push inflation


- $500

Who is hurt by inflation? Who is helped?

C3-$500

Hurt- lenders, people with a fixed income, savers

Helped- debtors, a business where the price of the product increases faster than the price of resources


- $100

What is consumer price index (CPI)?

C4-$100

Most commonly used measurement of inflation for consumers


- $200

What does the business cycle show?

C4-$200

How the national economy fluctuates resulting in periods of boom and bust


- $300

What is the government’s role in the economy?

C4-$300

Prevent unemployment and prevent inflation at the same time


- $400

What is the Invisible Hand?

C4-$400

Society’s goals will be met as individuals seek their own self-interest


- $500

All decisions involve trade-offs. What are trade-offs?

C4-$500

Alternatives that we give up whenever we choose one course of action over others


- $100

Define opportunity cost.

C4-$100

The real cost of an item, what you must give up in order to get it


- $200

What are the factors of production?

C4-$200

Land, labor, capital, entrepreneurship


- $300

Define automatic stabilizer.

C4-$300

Government spending and taxation rules that cause a fiscal policy to be automatically expansionary when the economy contracts and automatically contractionary when the economy expands, without requiring any deliberate action by policy makers


- $400

What is scarcity?

C4-$400

Resources are not unlimited and are not available in sufficient quantities to satisfy all the various ways a society wants to use them


- $500

What is gross domestic product (GDP)?

C4-$500

The total value of all final goods and services produced in the economy during a given year


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