1 / 32

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.

lkearney
Download Presentation

Economic Concepts for Jeopardy!

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  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

More Related