Economic Indicators
This number reflects the percentage of American's actively looking for work.
What is the unemployment rate?
A significant, widespread, and sustained decline in economic activity, characterized by rising unemployment, falling production, and decreased consumer spending
What is a recession?
This is the mismatch of limited resources against unlimited wants and needs.
What is the economic problem?
Because there are so few passenger airlines servicing travelers, they are able to control pricing more. This is an example of an ___________.
What is oligopoly?
When considering opening a business, it is a good idea to reflect on the four factors of __________.
What is production?
The health of the American economy is measured by this indicator, and is based on economic productivity.
What is GDP?
Economists may struggle to understand the economy, there is a lack of information available to the public due to this event.
What is the government shut-down?
Societies need to consider these questions in order to solve their economic problem:
What to ________
How to ________
For whom to _______
What is produce?
What is a monopoly?
A local farm is considering investing in __________ resources, they are in need of a new tractor and harvester.
What are capital resources?
A measure of how optimistic or pessimistic consumers are about the overall state of the economy and their personal financial situation, which impacts spending habits and economic growth.
What is consumer confidence?
A severe, protracted, and widespread downturn in economic activity, far more intense and longer-lasting than a recession.
What is a depression?
The loss of potential gain from other alternatives when one alternative is chosen.
What is opportunity cost?
The price of Tesla's stocked bobbed _____ in a rough market this past spring, as tariffs made the economic outlook uncertain.
What is choppily?
Recently a new ice cream shop has opened up, high on the list of ___________ resources are Cows, pastures, sugar and water.
What are land or natural resources?
What does GDP stand for?
What is Gross Domestic Product?
A period of significant growth and increased economic activity, characterized by rising Gross Domestic Product (GDP), increased employment, rising incomes, and higher industrial production.
What is an expansion?
Jason was trying to decide between going to three different concerts:
Taylor Swift, Jay-Z or The Weekend. He decided to see Jay-z. Leaving Taylor Swift and The Weekend to be the _______ ____.
What is the trade off?
Regulations to promote fair competition and prevent market control by a few corporations, as seen in ___-______ laws.
What is anti-monopoly?
The effort and skills people who work to produce goods and services is called _________ resources.
What is labor?
The rate at which prices increase over time.
What is the inflation rate?
This central bank meets frequently to discuss the US Economy, recently they made the decision to lower the Fed Fund Rate .25%, citing economic headwinds, such as rising unemployment, rising inflation rate, and lack luster GDP.
What is the Federal Reserve?
The first step in the decision making process.
What is define the problem.
This game was based on "The Landlord's Game," patented by Lizzie Magie in 1904, long before Charles Darrow developed his version for Parker Brothers in 1933.
What is Monopoly?
Shortages in resources that effect production could increase or decrease the price of the final product?
What is increase?