This bingo card has 40 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., Explain the concept of opportunity cost., What are the components of GDP?, Define inflation., Define labour force., 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?, What is the inflation target rate?, What does it mean if an economy is producing inside the PPF?, 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?, 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?, Provide an example of demand-pull inflation., Provide an example of cost-push inflation., What are the factors of production?, What is likely to occur to unemployment when there is an increase in economic activity? and What is likely to occur to inflation when there is an increase in economic activity?.
⚠ 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 | Macro Perspective Bingo
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