How much do we really know? Bingo for Economics How much do we really know?

Which term is shown by the graph to the right Which term is shown by the graph to the right? A movement along the demand curve will show what to the students of economics?

Who am I? This gentleman was both a philosopher and economist who believed that the best government is one that kept their hands off the economy. He wrote “wealth of nations” way back when…. I am…..

What am I? This cartoon shows what type of taxing system – as you income decreases, you tend to feel the tax more. Examples could be the sales tax.

What am i? Governmental policy that believes that the government’s control of the money supply will impact the economy more than taxing and spending policies.

What am I? I am known as the responsiveness of demand to a change in price – I can either move a great deal with a change in price or move very little with a change in price.

As the price of one good increases, my demand for the second good will decrease. What am I?

What am i? Drastic and dramatic increase in the overall price of goods and services. Seen in Germany and Zimbabwe

Who am i? Currently I hold the position of chairman of the federal reserve board – I work with the board of governors to implement monetary policy.

What am i? A few major companies control more than 75% of the business – there are some barriers to entry.

What am I? I show the trends in an economy with its high points and low points. This is used in the study of macroeconomics to determine how the country is doing – at the peak we have high prices and low unemployment and at the bottom we have high unemployment and low prices – which is better?

What am i? Technology, cost of resources and future expectations are the main ones. I am associated with the production side of the economic equation.

What am I? I am the money that a person or company keeps in their pocket after paying all their costs.

What am i? Land, labor, capital and entrepreneurial ability. Without me, we would not have an economy.

What am i? To economists and students taking economics, I am the satisfaction that a person receives from purchasing a good or service.

What am i? I believe in laissez faire in respect to the government’s involvement in my decision making. I follow the teachings of adam smith The supply and demand of a good will determine the price and quantity produced, not the government.

Who am i? I am associated with the terms communism and socialism. I am a political philosopher and an economist I believe that in the end we do not need government but right now the government should control the three questions of economics

What am i? I am able to produce more goods and services than my competition using a lower opportunity cost. I do not have to give up as much to make my good.

What am i? Future prices will be higher, my income has increased, everyone else has this item Not because of price

What am I? I am the highest price that a company may sell its good for. The government has set this below the equilibrium price to help the consumers Rent control is an example generally used Creates a shortage because the price is too low to make a large profit.

What am I? My income is not improving; future prices will be lower; no one is using this item What happens?

What am i? I am the study of individual decision making I look at the marginal benefits and marginal costs of an economic decision I may be an individual or a business It means small.

What am i? I am the basic problem facing all people, nations and businesses. It is due to me that people have to make choices.

What am i? I am the goods that leave a country I help make our gdp improve if I am greater than the value of goods coming into our country For the united states I could be food items. What am i?

What am i? I can be called creeping or hyper I am the general increase in the overall price of goods and services.

What am i? I show the relationship between the product market and the resource market I can be used in micro economics and macro economics

What am i? I am a way of the government collecting money from you As your income goes up, so does this type of bill The income tax is a good example of what I am.

Who am i? I became famous during the great depression I believe that the government should play an active role in the economy To stimulate the economy increase spending and decrease taxes - this is my thought.

What am i? I am a market structure in which there is only one producer There are barriers to entry into my business Microsoft used to be one of me.

What am i? The idea that the market place with the help of the consumers and producers will determine what to produce, how to produce and for whom to produce without government intervention. Adam smith’s idea

What am i? A prolonged and long lasting time of falling prices and rising unemployment. The national gdp is steadily declining. A downward trend that lasts for more than 8 financial quarters.

What am i? Demand exceeds supply The producers cannot produce enough to satisfy our needs Could be goods and/or services

What am i? The government determines how much to spend and how much to tax? Expansionary would mean more spending and fewer taxes Contractionary would mean less spending and more taxes

What am i? A formal understanding to fix prices and set quantities to be sold Illegal in the united states Usually we associate with the term “drug”

What am i? In economics I mean “extra” Could be cost, benefit, utility, revenue. Usually you want benefit to be greater than cost.

What am i? I am where the supply and demand curves intersect Quantity demanded equals the quantity supplied Determines the price to be set by the producers

What am i? I show the maximum number of goods that can be produced by a company using all available resources I assume that only two goods are being produced.

What am I? I am determined by the federal reserve I include open market operations, required reserve ratios and the federal funds rate I am easier to implement than that of congress’ power.

What am I? The government holds the control over what to produce, how much to produce and for whom to produce? We think of communism and socialism with this type of economic system

What am i? Goods being brought into the country Tends to be more than our goods leaving the country Puts us in a trade deficit

What am i? Loss of jobs due to the trends found in the economy Increases during times of recession; decreases during times of expansion

What am i? The basic economic questions of what to produce, how to produce and for whom to produce are answered through custom. Gender based societies and roles Found in rural and secluded areas of the world

What am i? A market structure where the producer is a price taker Many firms selling identical items No barriers to entry

What am i? A financial plan that should be balanced Income should equal expenditures Individuals should have one, households should have one, companies and nations should have one

What am i? A leftward shift of my curve Changes due to future prices being higher, cost of inputs increasing,

What am i? A financial tool that will help you determine long it will take an investment to double.

What am i? Loss of jobs due to a switch from human workers to robots Some skills become “old fashioned” and no longer needed ATMs v. bank tellers

What am i? I have the ability to produce more goods and services than my competition using the same amount of resources

What am I? The supply is greater than the demand Usually caused by a price floor

What am i? The field of economics that deals with a country’s decisions as a whole Involves looking at gdp, inflation, unemployment and trade balances

What am I? The machinery, buildings and equipment used to produce more goods and services. Does not include money

What am I? Monetary policy is my main concern I have 12 regional banks that report to me I am chaired by one presidential appointment along with the board of governors. I determine interest rates, required reserve ratios and open market operations

Who am I? I worked with President Reagan to change from Keynes’ idea of economics to mine My policy works better relying on the federal reserve and monetary policy

What am i? The downward trend of an economy Declining GDP, increasing unemployment and dropping prices

What am i? I am a shift in the supply curve to the right Technology is improved, cost of resources has decreased; prices to be lower in the future