Inflation
The gradual increase in prices over time is known as...
Inflation
The opposite to economic growth is
Economic contraction
Economics is the study of
all things money or wealth
Which actor was born today?
Dwayne "The Rock" Johnson
Scarcity
The fundamental economic problem of having seemingly unlimited human wants and needs in a world of limited resources.
What is the ideal rate of inflation?
2-3%
A way to measure economic growth is through
GDP
Mo' money
Mo' problems
What is the only continent McDonald's is not on?
Antarctica
Making choices
Because of scarcity, individuals, businesses, and governments must make choices about how to allocate their limited resources.
How do we measure inflation?
Consumer Price Index (CPI)
What is the ideal rate of economic growth?
3-4%
Economic performance can be measured through the following indicators
Economic growth (GDP), inflation, and unemployment
Animals that lay eggs do not have what on their body?
Belly button
Markets
Mechanisms where buyers and sellers interact to exchange goods and services.
10 years ago, a 2l bottle of milk cost $3, today, it cost $3.78. What is the inflation rate?
2.3%
Economic growth that is above 4% is too high because
it is unsustainable
What is macroeconomics?
The study of the economy as a whole, focusing on national-level indicators such as production, employment, prices, interest rates, government spending, and economic growth.
The majority of your brain is made up of
Fat
Interdependence
The mutual reliance between individuals, businesses, and countries due to specialisation and trade.
If I have $1000 in my savings account and inflation is currently at 8%, is this positive or negative for me?
Negative
What is the risk if economic growth is below 3%
Not keeping up with goods. and services
What is microeconomics?
The study of how individual consumers, workers, and firms make decisions and interact in markets.
Which reptile can not stick out its tongue?
A Crocodile
Specialisation and Trade
Individuals and countries focus on producing what they are best at and then trade with others to obtain goods and services they cannot produce efficiently themselves.