(Print) Use this randomly generated list as your call list when playing the game. There is no need to say the BINGO column name. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.
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Short-run aggregate supply (SRAS) – The relationship between price level and output when wages and some costs are fixed.
Contractionary fiscal policy – Cutting government spending or raising taxes to reduce AD.
Deflation – A sustained fall in the general price level.
Seasonal unemployment – Unemployment occurring at certain times of the year.
Depreciation – A fall in the value of a currency.
Real GDP – GDP adjusted for inflation.
Classical model – The view that markets self-correct and the economy operates at full capacity in the long run.
Positive output gap – When actual GDP exceeds potential GDP, creating inflationary pressure.
Structural unemployment – Unemployment caused by a mismatch of skills and job requirements.
Savings – Income not spent on consumption.
Unemployment – When people willing and able to work cannot find a job.
Frictional unemployment – Short-term unemployment when people move between jobs.
Trough – The lowest point in the economic cycle before recovery.
Multiplier effect – The process by which an initial change in spending leads to a larger change in GDP.
Retail Price Index (RPI) – An older measure of inflation including housing costs.
Consumer Price Index (CPI) – The main measure of inflation based on a basket of goods and services.
Productivity – Output per worker or per hour worked.
Exchange rate – The price of one currency in terms of another.
Budget deficit – When government spending exceeds tax revenue in a year.
Gross Domestic Product (GDP) – The total monetary value of all final goods and services produced within a country in a year.
Fiscal policy – Government use of taxation and spending to influence the economy.
Recession – Two consecutive quarters of negative economic growth.
Investment – Spending on capital goods that increase future production.
Withdrawals (leakages) – Removals from the circular flow (savings, taxes, imports).
Animal spirits – Consumer and business confidence affecting spending and investment decisions.
Government spending – Public expenditure on goods and services.
Current account – Part of the balance of payments showing trade in goods/services and income flows.
Keynesian model – The view that AD determines output and government intervention is often needed.
Stagflation – Rising inflation combined with rising unemployment and stagnant growth.
Employment rate – The proportion of the working-age population in employment.
Negative output gap – When actual GDP is below potential GDP, creating unemployment.
Marginal propensity to save (MPS) – The proportion of extra income that is saved.
Circular flow of income – The movement of money between households, firms, government and abroad.
Inflation – A sustained increase in the general price level.
Cost-push inflation – Inflation caused by rising production costs.
Marginal propensity to consume (MPC) – The proportion of extra income that is spent.
Economic growth – An increase in the productive capacity of the economy, shown by a rise in real GDP.
Cyclical unemployment – Unemployment caused by a lack of demand during a recession.
Appreciation – A rise in the value of a currency.
Aggregate demand (AD) – The total demand for goods and services in an economy at a given price level and time.
Imports – Goods and services bought from abroad.
Injections – Additions to the circular flow (investment, government spending, exports).
Economic cycle – Fluctuations in economic activity over time (boom, recession, recovery, trough).
Disinflation – A fall in the rate of inflation.
GDP per capita – GDP divided by the population, indicating average living standards.
Monetary policy – Central bank control of interest rates and money supply to influence the economy.
Balance of payments – A record of all financial transactions between a country and the rest of the world.
Budget surplus – When tax revenue exceeds government spending.
Demand-pull inflation – Inflation caused by excess demand in the economy.
Interest rates – The cost of borrowing money or the reward for saving.
Exports – Goods and services sold abroad.
Long-run aggregate supply (LRAS) – The maximum productive potential of the economy when all resources are fully employed.
Boom – A period of rapid economic growth and rising incomes.
Nominal GDP – GDP measured at current market prices without adjusting for inflation.
Recovery – The phase after a recession where the economy begins to grow again.
Expansionary fiscal policy – Increasing government spending or cutting taxes to boost AD.
National debt – The total accumulation of past government borrowing.
