This bingo card has a free space and 48 words: Define economic growth., Define GDP., What is the formula for the rate of growth of GDP?, What is the GDP growth target rate for Australia?, List three limitations of GDP as a measure of growth., Why is environmental degradation a limitation of GDP?, Why does GDP not account for income inequality?, Define inflation., What is the Consumer Price Index (CPI)?, What causes demand-pull inflation?, What causes cost-push inflation?, Explain why inflation might be high in the current economic environment., How does inflation affect purchasing power?, Define unemployment., How is someone classified as employed?, Who is considered not in the labor force?, What is the formula for the unemployment rate?, Describe frictional unemployment., What causes structural unemployment?, Explain cyclical unemployment., How does unemployment affect economic growth?, What is the target rate for unemployment?, How can technological advancements shift the PPF?, Describe the interaction between households and firms in the circular flow of income., What does it mean if an economy is producing inside the PPF?, Explain the concept of opportunity cost., Explain the concept of leakages in the circular flow of income., What are injections in the circular flow of income?, What does a point outside the PPF represent?, How can economic growth be shown on a PPF?, How do households contribute to the circular flow of income?, What are leakages in the circular flow of income?, What happens to economic activity if leakages exceeds injections?, What happens to economic activity if injections exceeds leakages?, What does it mean if an economy is producing inside the PPF?, What does a point on the PPF represent?, What is the inflation target rate?, Provide an example of demand-pull inflation., Provide an example of cost-push inflation., Explain the net exports component of GDP., What are the factors of production?, What is likely to occur to unemployment when there is an increase in economic activity?, What is likely to occur to inflation when there is an increase in economic activity?, What are the components of GDP?, How can economic growth be shown on a PPF?, What is the role of financial sector in the circular flow of income?, What is the role of government sector in the circular flow of income? and Define labour force..
⚠ This card has duplicate items: What does it mean if an economy is producing inside the PPF? (2)
Year 10 Economics | Economics | 11ECO VOCAB BINGO Term 1 Week 1-2 | Econ Bingo | Tyler
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