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Economics Fundamentals: Concepts and Theories for Beginners

Dive into the basic principles of economics with this comprehensive guide covering topics like absolute advantage, GDP, supply and demand, and more. Ideal for beginners and students.

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Economics Fundamentals: Concepts and Theories for Beginners

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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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