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Jeopardy!

Jeopardy!. Macro. Mayra Alvizo Period 2. Begin. Unit 1. Unit 2. Unit 3. Mixed. Graphs (curves). Vocab. $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.

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Jeopardy!

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  1. Jeopardy! Macro Mayra Alvizo Period 2 Begin

  2. Unit 1 Unit 2 Unit 3 Mixed Graphs (curves) Vocab $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

  3. - $100 What is Absolute Advantage and Comparative Advantage? C1-$100 Absolute: The producer that can produce the most output OR requires the least amount of inputs (resources) Comparative: The producer with the lowest opportunity cost

  4. - $200 Give an example of capital goods. Oil-drilling equipment, pizza oven C1-$200

  5. - $300 What are the four factors of production? C1-$300 -land -labor -capital -entrepreneurship

  6. - $400 What are the Shifters of Demand ? C1-$400 • Tastes and Preferences • Number of Consumers • Price of Related Goods • Income • Future Expectations

  7. - $500 What are the Shifters of Supply? • Prices/Availability of inputs (resources) • Number of Sellers • Technology • Government Action: Taxes & Subsidies • Opportunity Cost of Alternative Production • Expectations of Future Profit C1-$500

  8. - $100 What is GDP? The total value of all final goods and services produced in the economy during a given year. C2-$100

  9. - $200 When there is a change in the percentage per year in a price index what is it called? C2-$200 Inflation rate

  10. - $300 What is Final Goods and services? C2-$300 Goods and services sold to the final or end

  11. - $400 C2-$400 What type of formula is this? CPI

  12. - $500 What unemployment rate arises form the effect of frictional plus structural unemployment C2-$500 Natural Rate of unemployment

  13. - $100 If aggregate demand increases and aggregated supply decreases the price level: C3-$100 Will increase but real output is indeterminate

  14. - $200 What is aggregate demand? It is the total demand for final goods and services in the economy at a given time and price level. C3-$200

  15. - $300 What is aggregate supply? C3-$300 It is the total supply of goods and services that firms in a national economy plan on selling during a specific time period .

  16. - $400 What is the Keynesian model? theory of total spending in the economy and its effects on output and inflation. C3-$400

  17. - $500 What is a recession? It is a business cycle that slows down economy activity. C3-$500

  18. - $100 What are automatic stabilizers? C4-$100 It is policies and programs that are designed to offset fluctuations in a nation's economic activity without intervention by the government or policymakers.

  19. - $200 What is a Circular flow model? C3-200 It is a model which illustrates the flow of goods and services through the economy.

  20. - $300 Give an example of a Complementary Goods C3-$300 For example: peanut butter and jelly.

  21. - $400 What is the Law of Supply? C3-$400 It is 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. Illustrated as a direct or positive relationship.

  22. - $500 Give some examples of Consumer goods C3-$500 For example: cars, pizza, and shirts.

  23. - $100 What type of curve is this? C4-$100 Supply and demand

  24. - $200 What type of curve is this? C4-$200 PPF

  25. - $300 What type of curve is this? C4-$300 PPC

  26. - $400 What type of curve is this? C4-$400 SRAS

  27. - $500 What type of curve is this? C4-$500 Aggregated Demand Curve

  28. - $100 What is Scarce/scarcity? C4-$100 Resources (anything that can be used to produce something else) are not unlimited and are not available in sufficient quantities to satisfy all the various ways a society wants to use them. Examples: money, food, time.

  29. - $200 What is normal GDP? C4-$200 It is the total value of all final goods and services produced in the economy during a given year, calculated with the price currently in the year which the output is produced.

  30. - $300 What is Allocative efficiency? C4-$300 It is the resources and goods are distributed in such a way that consumers are as well off as possible. Resources are being used to make the goods and provide the services that society wants and needs.

  31. - $400 A hypothetical set of consumer purchases of goods and services what is this? C4-$400 Market Basket

  32. - $500 What is Free market economies? C4-$500 An economic system based on supply and demand with little or no government control. Buyers and sellers are allowed to transact freely based on mutual agreement.

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