6th revision economics game | Baamboozle - Baamboozle

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What is the shaded area? Define

consumer surplus

Define and explain the components of AD?

Name the factors of production

Land, labour, capital and enterprise

Define Opportunity cost

The loss of potential gain from other alternatives when one alternative is chosen.

Explain the characteristics of public goods

Goods that are neither excludable nor rival in consumption.

Define market economy

An economy that allocates resources through the decentralized decisions of many firms and households as they interact in markets for goods and services

Explain what can cause a shift like this in a market.

factors that change S

What is a negative externality? Give an example.

A cost that is suffered by a third party as a result of an economic transaction.

Draw a subsidy diagram and show the effect on producer surplus

Explain what can cause a shift like this in a market.

factors that increase D

Draw an indirect tax diagram and show the effect on consumer surplus

What does this diagram show? Explain how it operates

max price

What does the production possibility curve show?

It shows the maximum output of two types of products that can be made with existing resources and technology.

If the supply curve begins at the origin PES=...

1

Define market equilibrium

Condition of price stability where the quantity demanded equals the quantity supplied

Define PED

A measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded div

Draw a maximum price diagram and show the net effect on society

Explain the steps that the Indec does to measure inflation

In Economics, the mismatch of unlimited wants and needs and limited economic resources is called...

Basic economic problem / scarcity

Give the Aggregate Demand formula

C + I + G + X - M