ECONOMICS
REVIEW GAME
1.
Capitalism is also referred to as
________ economics, meaning “free
to do” or “hands off”.
2.
When supply and demand intersect
on a graph, consumers and
producers have found the
_______ _______.
3.
A _______ is a decline in economic
activity lasting at least 6 months.
4.
A period of increasing stock values
over a period of time is called a
______ market.
A period of decreasing stock values
over a period of time is called a
______ market.
5.
When government spending is in
excess of what is collected in
revenues (when the government
spends more than it makes) a
______ ______ occurs.
6.
Target just ordered a shipment of 500
new, wool sweaters. Fashion
magazines have declared cashmere
to be the hot fabric of the season.
What will happen to the price of
Target’s wool sweaters?
Why?
7.
______ is the founder of Capitalism.
8.
The _________ controls our nation’s
money supply and ensures that all
banks have required money
reserves on hand.
9.
_____ is an increase in the overall
price level of goods/services.
10.
The _______ ________ Industrial
Average is a stock that combines 30
large corporations.
11.
Economic Stagnation (slowdown)
+
High Inflation
=
_____________.
12.
What are the 3 factors of
production?
1. _______
2. _______
3. _______
4. ENTREPRENEURSHIP
13.
The problem that all people face in
that we have unlimited wants but
limited resources is called _____.
14.
Which economic system is based
around the poorer working class
overthrowing the wealthy owners
of production to create a classless
society?
15.
What is the difference between
Microeconomics and
Macroeconomics?
16.
A new advancement allows Apple
to make iPhones at the same pace
for half the price. What will happen
to the price of iPhones?
Why?\
17.
Approximately, what is the current
U.S. National debt?
18.
The result that occurs when the
quantity supplied at a specific price
exceeds the quantity demand (there
is a higher level of supply than there
is demand) is called a ________.
19.
_________ is usually credited with
founding Communism.
20.
When a point is graphed in the
space ABOVE the equilibrium price,
a _______ occurs.