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Economic Concepts for Jeopardy!

This resource provides key terms, graphs, economic equations, and units for a Jeopardy-style game focused on economic concepts. Includes topics on labor force, unemployment, comparative advantage, market economy, graphs, economic equations, and more.

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Economic Concepts for Jeopardy!

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  1. Jeopardy! Begin

  2. Key Terms Graphs Economic Equations Unit 1 Unit 3 Unit 2 $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 Labor Force? C1-$300 The sum of the employed and the unemployed

  4. - $200 What is Frictional Unemployment? C1-$400 Unemployment due to the time workers spend in job search (searching or waiting for jobs…recent college graduates)

  5. - $300 Comparative Advantage is when? C1-$200 The opportunity cost of producing the good or service is lower for that individual than for other people

  6. - $400 C1-$100 What is Market Economy? The decision of individual producers and consumers largely determine what, how, and for whom to produce, with little government involvement in the decisions

  7. - $500 Recessionary GAP C1-$500 The difference between the equilibrium real production achieved in the short-run aggregate market and full-employment real production that occurs when short-run equilibrium real production is less than full-employment real production

  8. - $100 What kind of graph is this? C2-$300 Long Run Aggregate Supply Demand

  9. - $200 What kind of graph is this? C2-$400 Circular Flow Diagram

  10. - $300 What kind of graph is this? C2-$100 Demand and Supply (Basic)

  11. - $400 What kind of graph is this? C2-$200 Business Cycle

  12. - $500 What kind of graph is this? C2-$500 Production Possibility Graph

  13. - $100 What is the Marginal Unit Cost equation? C3-$100 opportunity cost / units gained

  14. - $200 What is the % change in GDP equation? C3-$200 (Year 2 – Year 1 / Year 1) x 100

  15. - $300 What is the MPC equation? C3-$400 Change in Consumption / Change in Disposable Income

  16. - $400 What is the MPS equation? C3-$500 Change in Saving / Change in Disposable Income

  17. - $500 What is the Consumer Price Index equation? C3-$300 =price of market basket in a particular year / price of the same market basket in base year

  18. - $100 C4-$500 What are the four factors of production? Land , labor , capital , entrepreneurship

  19. - $200 What is allocative efficiency? C4-$100 When resources and goods are distributed.

  20. - $300 What is productive efficiency? C4-$200 When resources and goods are being utilized to their maximum.

  21. - $400 What are the five determinants of demand? C4-$300 Taste in preference, number of consumers, price of related goods, income, and expectations.

  22. - $500 What are the six determinants of supply? C4-$400 Prices/Availability of inputs, number of sellers, technology, government action, opportunity cost, and expectations

  23. - $100 What is Gross Domestic Product? C5-$100 the total value of all final goods and services produced in an economy during a given period

  24. - $200 What are the four components of Gross Domestic Product? C5-$200 Consumer Spending, Investment, Government Spending, and Net Exports

  25. - $300 What is Nominal Gross Domestic Product? C5-$300 is the market value (money-value) of all final goods and services produced in a geographical region

  26. - $400 What is Real Gross Domestic Product? C5-$400 It is the measure of the value of output economy, adjusted for price changes. The adjustment transforms the nominal GDP into an index for quantity of total output.

  27. - $500 C5-$500 What is cylical unemployment? It is the deviation of the actual rate of unemployment from the national rate (due to recession)

  28. - $100 What is aggregate demand? C6-$100 Is the total amount of goods and services demanded in the economy at a given overall prices and in a given time period.

  29. - $200 What is aggregate supply? C6-$200 The total amount of goods and services produced in the economy at a given overall price level in a given time period.

  30. - $300 What are the three shifters of aggregate supply? C6-$300 Resources price, actions of the government, and productivity

  31. - $400 What is fiscal policy? C6-$400 The use of taxes, government transfers for government purchases of goods and services to stabilize the economy

  32. - $500 C6-$500 What is discretionary fiscal policy? The fiscal policy that is the result of deliberate actions by policy makers rather than rules

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