Glossary
a general increase in prices and fall in the purchasing value of money.
Inflation
Where is sub Saharan africa
South of the Sahara Desert
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AD=C+I+G+(X−M)
What does AD stand for?
Aggregate Demand
What does GDP stand for?
If a country's GDP is $500 billion, what does this number represent?
A. The total value of all goods and services produced in a year.
B. The government's budget surplus.
C. The country's total national debt.
D. The inflation rate.
A. The total value of all goods and services produced in a year.
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Double Points
The state of having paid work.
Employment
What is a historical factor effecting Africa's GDP?
Colonialism
Provide 1 reason why countries in Sub Saharan Africa have lower GDP's?
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Which of the following is NOT included in the calculation of GDP?
A. Government spending
B. Exports
C. Investment
D. Household savings
Answer: D (Household savings are not directly included in GDP calculations.)
When the general price level of goods and services in an economy rises over time, what is this phenomenon called?
Answer: Inflation.
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•Colonialism:
is a system in which a powerful nation or group extends its control and influence over other territories or nations, often for economic, political, and social gain.
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If a country imports more than it exports this is known as a trade ________
Deficit
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If the supply of a product increases while the demand remains constant, what happens to the price of the product?
Answer: The price decreases.
What is the basic economic problem that all societies face?
Answer: Scarcity - the limited resources available to fulfill unlimited wants and needs.
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If a country Exports more than it imports it is called a trade _______
Surplus
AD=C+I+G+(X−M)
What does I stand for?
Investment
Consumer Price Index (CPI) -
a measure of the average change over time in the prices paid by households for a fixed basket of goods and services
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The act of allocating money, resources, or capital with the expectation of generating income, profit, or an increase in the value of the invested assets over time.
Investment
Quadruple Points
Aggregate Demand
Refers to the total quantity of goods and services demanded by all sectors of the economy at different price levels within a given time period.
What is an economic factor effecting Africas GDP?
Name 5 of the top 10 countries for GDP
USA, China, India, Japan, Germany, UK, France, Brazil, Italy, Canada
AD=C+I+G+(X−M)
What does (X-M) stand for?
Exports-Imports
Revenue –
Income a business receives from it’s business activities such as the sale of goods and services to customers
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What is a social factor affecting Africas GDP?
Health issues/ High population growth
13 points
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Geographically where are the countries located that have lower GDP's?
Sub-saharan Africa
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What does AD tell us about how the economy is going?
Shares
– a unit of ownership in a publicly listed company
What happens to the price of a product when its demand increases while the supply remains constant?
Answer: The price increases.
AD=C+I+G+(X−M)
What does C stand for?
Consumption
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Trade Cycle
A recurring pattern of economic expansion and contraction in an economy. It represents the fluctuations in economic activity, primarily involving changes in production, employment, and the overall health of an economy over time.
Geographically where are the countries with GDP's Located?
Europe, America, Asia
What is AD?
A.The total value of all goods and services produced within a country.
B. The total demand for goods and services in an economy at a given price level.
C. The sum of consumer spending only.
D. The total money supply in an economy.
Answer: B (The total demand for goods and services in an economy at a given price level.)
What does economic growth refer to?
A. A decrease in the production of goods and services.
B. An increase in the total value of goods and services produced within a country.
C. A decline in a nation's standard of living.
D. An increase in income inequality.
Answer: B (An increase in the total value of goods and services produced within a country.)
Scarcity –
Having limited resources to achieve unlimited wants and needs
How is inflation calculated?
CPI - Consumer Price index
What does GDP per capita mean?
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Trough:
The lowest point in an economic cycle, often associated with a recession or economic downturn.
Which colonial power had control over the Democratic Republic of Congo where many atrocities occurred?
Belgium
Which of the following is NOT a component of Aggregate Demand (AD)?
A. Consumption (C)
B. Investment (I)
C. Government Spending (G)
D. Exports (X)
Answer: D (Exports are part of AD as (X - M), where M represents imports.)
Which of the following is a common indicator of economic growth?
A. Inflation rate
B. Unemployment rate
C. Gross Domestic Product (GDP)
D. Government debt
Answer: C (Gross Domestic Product (GDP) is a key indicator of economic growth.)
Small Business –
According to the Australian Bureau of Statistics a small business is one that employs fewer than 20 people
What are 4 economic impacts of inflation?
1. Reduce purchasing power
2. Uncertainty
3. Reduced Savings
4. Interest rate increases
In a monopoly, how many firms control the entire market for a specific product?
Answer: One firm.
Boom:
A period of rapid and robust economic growth, characterized by an increase in various economic indicators.
DOUBLE POINTS
Name 5 of the bottom 10 countries for GDP
Burundi, South Sudan, Malawi, Comoros, DRC, Chad, Mozambique, Liberia, Niger, CAR.
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Depreciation –
An asset such as a car or computer reducing in value over time due to wear and tear
What are 4 impacts socially from inflation?
1. Income inequality
2. Social unrest
3. Poverty and vulnerability
4. Education and healthcare costs
What is a tariff?
Answer: A tax on imported goods.
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