Equilibrium
Demand
Supply
GDP
CPI
Random
100
The equilibrium price on this graph.
What is $2?
100
Law of demand.
What is when price increases, quantity demanded decreases?
100
Law of Supply
What is when price increases, quantity supplied increases?
100
This measures the total value of all goods and services produced in a country in one year.
What is GDP or Gross Domestic Product?
100
The organization responsible for tracking CPI
What is the Bureau of Labor Statistics?
100
A person who sets aside a portion of their income
What is a saver?
200
Any point at which supply is greater than demand.
What is a surplus?
200
The name of the line that connects demand data points on a graph
What is a demand curve
200
In 1743, the Port of Philadelphia was closed in an attempt to isolate the city from an outbreak of Yellow Fever. During the time that the port was closed, prices in Philadelphia increased. This is because:
What is the supply of goods decreased?
200
True or False South Korea allows workers more profit and private ownership of businesses
What is true?
200
The CPI measures the price changes of a ______of common consumer goods, including things like food, housing, transportation, and clothing.
What is a market basket?
200
A person who borrows a sum of money with the understanding they will pay it back, often with interest.
What is a borrower?
300
Any point at which demand is greater than supply.
What is shortage?
300
The likely reason for the price change.
What is the demand for poultry exports decreased?
300
The most likely reason for the changes in price and production.
What is new technology?
300
How technology increases a country’s standard of living
What is increased productivity and increased income growth?
300
The two part mandate of the Federal Reserve
What is price stability and maximum employment?
300
Two consecutive declining quarters of GDP
What is a recession?
400
The equilibrium price and quantity on this graph.
What is $2 and 4
400
China dominates the Christmas lights business. In 2017, an estimated $416 million worth of "lighting sets of a kind used for Christmas trees" were imported to the United States. They were almost entirely from China, according to U.S. government statistics. Americans purchase Chinese good for this reason.
China produces Christmas lights for a lower cost.
400
The two reasons from the bank below that contribute to this change. Increased cost of fuel, Increased competition, Decreased cost of labor, Increased weather instability, Decreased consumer demand
What is increased cost of fuel and increased weather instability
400
If a country produces more goods and services than last year, this means its GDP is doing this.
What is increasing?
400
Inflation increases and a person with a fixed mortgage rate is impacted in this way.
What is helped by a fixed mortgage?
400
Anyone 16 year and older not working but actively looking for a job
What is unemployment?
500
When demand increases and the demand curve shifts to the right, this is what happens to equilibrium price and quantity.
What is they both increase?
500
Sonic decides to raise the price of their Chili Cheese Hot Dog. The residents of Bridgeville will demand (more/less) chili cheese hot dogs.
What is less?
500
The most likely outcome.
What is the price of coffee would increase
500
Buying a car made in Mexico impacts this county's GDP
What is Mexico?
500
Those who are on a fixed income are impacted in this way by inflation.
What is hurt?
500
Any of the factors of unemployment data
What is education, age, race, gender, disability, geographical, or seasonal.
600
When demand decreases and shifts to the left, this is what happens to equilibrium price and quantity.
What is they both decrease?
600
Balloon pumps become popular and there is an increase in demand, this is a determinant example of.
What is change in taste or preference?
600
The best explanation for the changes in milk prices: Dairy farms purchased more cows, Imports of dairy products increased, Cost of feed for dairy cows increased.
Cost of feed for dairy cows increased
600
The formula that calculates GDP per capita.
What is GDP/Population?
600
The formula that calculates changes in the CPI.
What is (CPI in current year - CPI in previous year)/CPI in previous year]x 100%
600
The definition of FRED
What is the Federal Reserve Economic Data?