Glossary
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Risk It
100

a general increase in prices and fall in the purchasing value of money.

Inflation

100

Where is sub Saharan africa

South of the Sahara Desert

100

HURRICANE!

Lose all your points

100

AD=C+I+G+(X−M)


What does AD stand for?

Aggregate Demand

100

What does GDP stand for?

100

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.

100

Hurricane

Lose all your points

100

Double Points

200

The state of having paid work.

Employment

200

What is a historical factor effecting Africa's GDP?

Colonialism

200

Provide 1 reason why countries in Sub Saharan Africa have lower GDP's?

200

HURRICANE!

Lose all your points!

200

DOUBLE POINTS

200

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.)

200

When the general price level of goods and services in an economy rises over time, what is this phenomenon called?

Answer: Inflation.

200

Triple Points

400

•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.

400

HURRICANE

Lose all your points

400

If a country imports more than it exports this is known as a trade ________

Deficit

400

DOUBLE POINTS

400

HURRICANE!

Lose all your points

400

If the supply of a product increases while the demand remains constant, what happens to the price of the product?

Answer: The price decreases.

400

What is the basic economic problem that all societies face?

 Answer: Scarcity - the limited resources available to fulfill unlimited wants and needs.

400

Go to negative 2000

600

HURRICANE

600

DOUBLE POINTS

600

If a country Exports more than it imports it is called a trade _______

Surplus

600

AD=C+I+G+(X−M)


What does I stand for?

Investment

600

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

600

HURRICANE!

Lose all your points

600

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

600

Quadruple Points

700

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.

700

What is an economic factor effecting Africas GDP?

700

Name 5 of the top 10 countries for GDP

USA, China, India, Japan, Germany, UK, France, Brazil, Italy, Canada

700

AD=C+I+G+(X−M)


What does (X-M) stand for?

Exports-Imports

700

Revenue –

Income a business receives from it’s business activities such as the sale of goods and services to customers

700

DOUBLE POINTS

700

What is a social factor affecting Africas GDP?

Health issues/ High population growth

700

13 points

800

DOUBLE POINTS

800

Geographically where are the countries located that have lower GDP's?

Sub-saharan Africa

800

DOUBLE POINTS

800

What does AD tell us about how the economy is going?

800

Shares

– a unit of ownership in a publicly listed company

800

What happens to the price of a product when its demand increases while the supply remains constant?

Answer: The price increases.

800

AD=C+I+G+(X−M)


What does C stand for?

Consumption

800

1st place goes to last place, last place goes to 1st place

900

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.

900

Geographically where are the countries with GDP's Located?

Europe, America, Asia

900

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.)

900

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.)

900

Scarcity – 

Having limited resources to achieve unlimited wants and needs

900

How is inflation calculated?

CPI - Consumer Price index

900

What does GDP per capita mean?

900

Miss your next turn

1000

Trough:


The lowest point in an economic cycle, often associated with a recession or economic downturn.

1000

Which colonial power had control over the Democratic Republic of Congo where many atrocities occurred?

Belgium

1000

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.)

1000

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.)

1000

 Small Business –

According to the Australian Bureau of Statistics a small business is one that employs fewer than 20 people

1000

What are 4 economic impacts of inflation?

1. Reduce purchasing power

2. Uncertainty

3. Reduced Savings

4. Interest rate increases

1000

 In a monopoly, how many firms control the entire market for a specific product?

Answer: One firm.

1000
Give all your points to a team of your choice
1200

Boom:

A period of rapid and robust economic growth, characterized by an increase in various economic indicators.

1200

DOUBLE POINTS

1200

Name 5 of the bottom 10 countries for GDP

Burundi, South Sudan, Malawi, Comoros, DRC, Chad, Mozambique, Liberia, Niger, CAR.

1200

DOUBLE POINTS

1200

Depreciation –  

An asset such as a car or computer reducing in value over time due to wear and tear

1200

What are 4 impacts socially from inflation?

1. Income inequality

2. Social unrest 

3. Poverty and vulnerability

4. Education and healthcare costs

1200

What is a tariff?

Answer: A tax on imported goods.

1200

Last team standing up loses 2000 points