Economics | Baamboozle - Baamboozle | The Most Fun Classroom Games!

After I paid all of my bills, I have $400 left over. What was my surplus?

Ps6 dropped yesterday, it sold out in all of Mobile stores, what was the demand in this scenario?

I serve Hamburgers and fries at my restaurant, what is the supply in this scenario?

Burgers and Fries

Karen goes to a party instead of studying for a test. What was trade off?

Going to the Party

Mason decided to go home instead of going to the gym, what was his opportunity cost?

going to the gym/ Staying fit

The average person makes $__,____ a year

$59,000

You buy a subscription to an online music platform to listen to songs. Question: Is this subscription a good or a service, and why?

the platform is the good and it provides the service

You hire a plumber to fix your sink and buy a new faucet from the hardware store. Question: Is the faucet a good or a service? What about the plumber's work?

Faucet is the good/ Plumber provides the service

You go to a restaurant and pay for a meal. The food is delicious, and the server brings it to your table. Question: Which part of this experience is a good, and which part is a service?

the meal is the good, the restaurant provides the service

A family has enough money to pay for groceries and rent but is considering a vacation. Question: Is the vacation a need or a want? What should they prioritize?

Make sure bills are paid, if enough left over, I can take an vacation

A small business owns $50,000 worth of equipment but has a $20,000 bank loan to pay off. Question: Does the business have more assets or liabilities? How does this affect its financial stability?

yes, loans can be paid in increments

You have $1,000 in a savings account but also have $2,000 in credit card debt. Question: How do your liabilities compare to your assets, and what does this mean for your financial health?

Make payments on credit card debt, but my savings still an asset.

You own a car worth $10,000, but you still owe $6,000 on the car loan. Question: Is the car an asset, a liability, or both? Why?

Liability until loan is paid off

During a major storm, everyone wants to buy bottled water, but stores run out of stock.Question: How might the store respond to the increased demand for water?

raise the price or keep it the same

What happens when the supply is high and the demand is low?

Prices drop

This happens when prices go up over time?

Inflation

If I pay car insurance every month, it is a ______

Liability

A new gaming console is released during the holiday season, and everyone wants to buy it, but only a limited number are available. a) What happens to the price of the console when demand is high, but supply is low?

Prices are high

Balenciaga shoes is an example of an______

Want

If I cannot live without this, it is a ______

Need

My ____pay is money i generated before taxes were taken out

Gross pay

"take home pay" is another way to say..........

Net pay/income

If i own my car, is it a liability or asset?

Asset

What is Economics?

the way money is distributed in society

What type of economy does the U.S have?

Mixed Economy/Capitalism