Opening Splash

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