ECONOMICS 101

Recall some of the basic terms in Economics through playing this game. Special thanks to the following resource and references: WISC Online and Quizlet

By xiaoqiwang

Created Date 08.20.20

Last Updated 08.20.20

Viewed 12 Times

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Topics of this game:

The study of how society manages its scarce resources.
The property of society getting the most it can from its scarce resources.
It refers to whatever must be given up to obtain some item.
It refers to an increase in the overall level of prices in the economy.
It refers to fluctuations in economic activity, such as employment and production.
The study of how households and firms make decisions and how they interact in markets.
It is the study of economy wide phenomena, including inflation, unemployment, and economic growth.
It refers to things that people must have to live - such as food.
It refers to the things that people would like to have but could live without - such as a TV.
Refers to something that one person does for someone else.
It refers to goods produced abroad and sold domestically.
It refers to the goods produced domestically and sold abroad.
It refers to the quantity of a good or service that consumers are willing and able to produce.
Refers to the quantity of a good or service that consumers are willing and able to buy.
It refers to the value of everything a seller must give up to produce a good.
A tax on goods produced abroad and sold domestically.
It refers to the fall in total surplus that results from a market distortion, such as a tax.
A legal minimum on the price at which a good can be sold.
A legal maximum on the price at which a good can be sold.
A synonym for market economy.

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