Begin
Which way
Which way
Does a Supply
Does a demand
Curve Shift?
Curve shift?
Graphs
Unemployment
GDP
Random
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- $100
If income goes up, demand curve shifts…
Right
- $200
If prices of related goods go up, the demand curve shifts….
Left
- $300
If the preference for a product changes to another
product, the demand curve shifts…
Left
- $400
If income goes down, the demand curve shifts…
Left
- $500
If expectations go down, the demand curve will shift…
Left
- $100
If expectations improve, the supply curve will shift…
Left
- $200
If cost to produce goes up, the supply curve will shift…
Left
- $300
If expectations lower, the supply curve will shift…
Right
- $400
If the cost to produce lowers, the supply curve will shift…
Right
- $500
If technology improves, the supply curve will shift…
Right
- $100
Demand Graph
- $200
Real GDP
- $300
SRAS Curve
- $400
AD Graph
- $500
LRAS Graph
- $100
What term is equal to the sum of the employed and
the unemployed?
Labor Force
- $200
What is the unemployment that arises from the effects of
frictional and structural unemployment?
Natural Rate of Unemployment
- $300
What is the name of the unemployment that results from their
being more people seeking for jobs than there are jobs available?
Structural Unemployment
- $400
What is the type of unemployment that is the
result of economic downturns?
Cyclical unemployment
- $500
What type of unemployment is due to the time workers spend in job
search?
Frictional Unemployment
- $100
What is the monetary value of all final goods and services
produced within a country’s borders in one year?
GDP
- $200
What are the four components of GDP?
Consumer spending, investments, government
spending and net exports
- $300
What kind of GDP is the total goods and services
produced in the economy during a given year, calculated
with the prices current in the year in which output is
produced?
Nominal GDP
- $400
What is the GDP Deflator?
For a given year is 100 times the ratio of Nominal
GDP to the Real GDP in that year.
- $500
What three things are not included in GDP?
Non-market (Illegal) activities, Nonproduction
transactions and Intermediate goods
- $100
What kind of curve is curved inward in the middle?
Concave curve
- $200
What is the name of a market place for the exchange of labor, capital
and raw materials?
Resource Market
- $300
What do you call services that are sold to the final user?
Final goods and services
- $400
What is the term used for the measure of the
cost of the final market basket of a typical
urban American family?
Consumer price index
- $500
What is the term used for all the goods and services that
buyers are able and willing to buy at different price levels?
Aggregate Demand