JEOPARDY

Fiscal & Monetary Policy Economic Indicators Money & Taxes Market Structures The Role of Gov’t. Potpourri $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500

Fiscal & Monetary Policy $100 Uses the Federal Reserve’s power to regulate the money supply and interest rates. Monetary policy

Fiscal & Monetary Policy $200 Uses the government’s power to tax and spend. Fiscal Policy

Fiscal & Monetary Policy $300 He believed gov’t Fiscal & Monetary Policy $300 He believed gov’t. spending could stimulate demand during a recession. Keynes

Fiscal & Monetary Policy $400 Increases economic activity by raising the amount of gov’t spending and/or cutting taxes. Expansionary fiscal policy

Fiscal & Monetary Policy $500 He supported monetarism—the use of monetary policy to expand and contract the money supply and control inflation. Friedman

Gross Domestic Product Economic Indicators $100 The market value of all final, legal goods/services produced within the borders of a country during a given period of time. Gross Domestic Product

Economic Indicators $200 The economic indicator that is the best at determining a society’s standard of living. Per Capita GDP

Economic Indicators $300 GDP = __________ + Investment +_________ + (Exports-Imports) Consumption/ Gov’t Spending

Economic Indicators $400 A measure of price changes in consumer goods and services over a given period of time. Consumer Price Index

Economic Indicators $500 People “between” jobs and looking for the “right” job. Frictional unemployment

Money & Taxes $100 Name ONE of the 3 functions/purposes for money. 1. Medium of exchange 2. Standard of value 3. Store of value

Money & Taxes $200 Name TWO of the six characteristics of money. Durability Portability Acceptability Divisibility Uniformity Scarcity

Money & Taxes $300 Taxes levied on the value of land, homes, boats, cars, etc. Property

Estate & Inheritance Tax Money & Taxes $400 Taxes levied on some or all of a person’s estate when they die. Estate & Inheritance Tax

Money & Taxes $500 These taxes are taken directly from an employee’s paycheck, and the most important are is Social Security and Medicare. Payroll Taxes

Market Structures $100 An obstacle to a producer’s ability to access a market and limits competition. Barriers to entry

Market Structures $200 One producer, with very high barriers to entry, who produce a unique good/service, and there is no competition. Ex.: Utilities, DeBeers diamonds Monopoly

Market Structures $300 Few producers (controlling more than 60% ofthe market), with high barriers to entry, who produce similar goods/services, and some competition. Ex.: Airlines, films Oligopoly

Market Structures $400 Many producers who produce varied, but similar godos/services, easy entry to the market, and competition determining price. Ex.: Fast food, clothing Monopolistic Competition

Market Structures $500 Many producers who produce identical goods/services, easy entry to the market, and supply & demand determine price. Ex.: crops, currency Perfect Competition

The Role of Government $100 The federal government regulates the economy through these two types of policies. Fiscal & monetary

The Role of Government $200 Federal fiscal policy uses the President’s preparation of the budget, and _________ power to tax and appropriate. Congress’

The Role of Government $300 The US dollar is this kind of money, like much of the currency in the world today, because it is only backed by society’s faith in its value. Fiat money

The Role of Government $400 The power of the government to take private property for public use, with fair compensation. Eminent domain

The Role of Government $500 If the government wants to prevent inflation and slow the economy, it might raise interest rates so people spend less and save more. This is an example of this SPECIFIC policy. Tight-money monetary policy

Potpourri $100 The period in the business cycle where there is falling GDP and rising unemployment. Contraction

Potpourri $200 Loss of jobs during a period of economic decline, such as when the “housing bubble” burst in 2007-8. Cyclical unemployment

Potpourri $300 The fall in the price of goods & services. Deflation

Potpourri $400 Unemployment due to changes in demand for the labor, such as technology or consumer taste. Structural unemployment

Potpourri $500 Decreases economic activity by raising taxes and/or decreasing government spending. Contractionary