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Jeopardy!

Jeopardy!. Begin. Comparative and Absolute advantage. Demand and Supply. Production Possibilities. GDP. Aggregate demand And supply. Inflation & Deflation. $100. $100. $100. $100. $100. $100. $200. $200. $200. $200. $200. $200. $300. $300. $300. $300. $300.

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Jeopardy!

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  1. Jeopardy! Begin

  2. Comparative and Absolute advantage Demand and Supply Production Possibilities GDP Aggregate demand And supply Inflation & Deflation $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 When one country is better than the other one: C1-$100 Absolute Advantage

  4. - $200 Ability of one country to produce a good at a lower opportunity Cot than the other country C1-$200 Comparative Advantage

  5. - $300 If Mexico has 600 boxes of chocolate and the US has 350, who has the absolute advantage? C1-$300 Mexico

  6. - $400 If Mexico has 150 bikes and 250 tires while the US has 140 bikes And 150 tires, who has the higher comparative advantage? C1-$400 United States

  7. - $500 Making a sacrifice in a economic choice C1-$500 Opportunity Cost

  8. - $100 When consumers buy as much as they can for as little money possible C2-$100 Law of Demand

  9. - $200 When producers desire to produce as much as they can and sell it For as much as they find possible C2-$200 Law of Supply

  10. - $300 As price increases, quantity does too C2-$300 Supply

  11. - $400 What occurs when the quantity supplied is about 250 and the Quantity demanded is 350? C2-$400 Surplus!

  12. - $500 Point at which supply and demand meet: C2-$500 Equilibrium

  13. - $100 Point at which an economy operates inside the PPC/PPF graph C3-$100 Inefficiency

  14. - $200 Point at which is outside the PPC/PPF graph is? C3-$200 Unattainable

  15. - $300 The more you have of something, the less satisfaction is obtained With each new acquired unit of it is known as C3-$300 Decreasing Marginal Utility

  16. - $400 As production increases, the cost to produce another unit of it Increases as well.. This is known as C3-$400 Law of Increasing Opportunity Cost

  17. - $500 What shows the tradeoffs in the production of goods? C3-$500 Production Possibilities Frontier (PPF)

  18. - $100 What is the factors of production market? C4-$100 Where Land, Labor, capital, entrepreneurship and other resources are Exchanged.,

  19. - $200 Goods and services bought from one firm by another to be Used as inputs into the production of final goods and services. C3-200 Intermediate goods and services

  20. - $300 Total spending of domestically produced final goods And services in the economy. C+I+G+XN C3-$300 Aggregate Spending

  21. - $400 Difference between the value of exports and the value of imports. C3-$400 Net Exports

  22. - $500 Showa exchange of money, products, and resources between businesses, households, and government. C3-$500 Circular Flow Model

  23. - $100 A combination of inflation and recession, usually Resulting from a supply shock. C4-$100 Stagflation

  24. - $200 A curve that shows the relationship in he short run between the price and quantity of real GDP supplied by firms C4-$200 SRAS Curve

  25. - $300 A curve that shows the relationship in the long run b/w the price level and quantity of real GDP supplied. C4-$300 SRAS Curve

  26. - $400 What are the shifters of aggregate demand? C4-$400 Consumption, investment, government actions/spending, and Changes in net exports

  27. - $500 What are the shifters of aggregate supply? C4-$500 Changes in input prices, changes in productivity/technology, business taxes and subsidies and government regulations.

  28. - $100 Type of employment caused by workers voluntarily changing jobs By temporary layoffs. “In between jobs” C4-$100 Frictional Unemployment

  29. - $200 Unemployment of workers whose skills are not demanded by employers. C4-$200 Structural Unemployment

  30. - $300 Measured by CPI and consists of two types cost-push and demand pull C4-$300 Inflation

  31. - $400 This inflation will self limit and die out on its own by resulting in a recession. C4-$400 Cost-Push Inflation

  32. - $500 This is consumer driven and will continue until excess spending halts. C4-$500 Demand Pull Inflation

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