(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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GDP per capita – GDP divided by the population, indicating average living standards.
Marginal propensity to save (MPS) – The proportion of extra income that is saved.
Fiscal policy – Government use of taxation and spending to influence the economy.
Deflation – A sustained fall in the general price level.
Budget surplus – When tax revenue exceeds government spending.
Marginal propensity to consume (MPC) – The proportion of extra income that is spent.
Balance of payments – A record of all financial transactions between a country and the rest of the world.
Unemployment – When people willing and able to work cannot find a job.
Injections – Additions to the circular flow (investment, government spending, exports).
Interest rates – The cost of borrowing money or the reward for saving.
Structural unemployment – Unemployment caused by a mismatch of skills and job requirements.
Classical model – The view that markets self-correct and the economy operates at full capacity in the long run.
Current account – Part of the balance of payments showing trade in goods/services and income flows.
Seasonal unemployment – Unemployment occurring at certain times of the year.
Recession – Two consecutive quarters of negative economic growth.
Consumer Price Index (CPI) – The main measure of inflation based on a basket of goods and services.
Aggregate demand (AD) – The total demand for goods and services in an economy at a given price level and time.
Short-run aggregate supply (SRAS) – The relationship between price level and output when wages and some costs are fixed.
Real GDP – GDP adjusted for inflation.
Budget deficit – When government spending exceeds tax revenue in a year.
Animal spirits – Consumer and business confidence affecting spending and investment decisions.
Exports – Goods and services sold abroad.
Cost-push inflation – Inflation caused by rising production costs.
Positive output gap – When actual GDP exceeds potential GDP, creating inflationary pressure.
Productivity – Output per worker or per hour worked.
National debt – The total accumulation of past government borrowing.
Boom – A period of rapid economic growth and rising incomes.
Inflation – A sustained increase in the general price level.
Demand-pull inflation – Inflation caused by excess demand in the economy.
Employment rate – The proportion of the working-age population in employment.
Trough – The lowest point in the economic cycle before recovery.
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.
Government spending – Public expenditure on goods and services.
Keynesian model – The view that AD determines output and government intervention is often needed.
Negative output gap – When actual GDP is below potential GDP, creating unemployment.
Gross Domestic Product (GDP) – The total monetary value of all final goods and services produced within a country in a year.
Nominal GDP – GDP measured at current market prices without adjusting for inflation.
Withdrawals (leakages) – Removals from the circular flow (savings, taxes, imports).
Savings – Income not spent on consumption.
Stagflation – Rising inflation combined with rising unemployment and stagnant growth.
Depreciation – A fall in the value of a currency.
Monetary policy – Central bank control of interest rates and money supply to influence the economy.
Economic growth – An increase in the productive capacity of the economy, shown by a rise in real GDP.
Exchange rate – The price of one currency in terms of another.
Economic cycle – Fluctuations in economic activity over time (boom, recession, recovery, trough).
Retail Price Index (RPI) – An older measure of inflation including housing costs.
Multiplier effect – The process by which an initial change in spending leads to a larger change in GDP.
Circular flow of income – The movement of money between households, firms, government and abroad.
Long-run aggregate supply (LRAS) – The maximum productive potential of the economy when all resources are fully employed.
Disinflation – A fall in the rate of inflation.
Appreciation – A rise in the value of a currency.
Investment – Spending on capital goods that increase future production.
Cyclical unemployment – Unemployment caused by a lack of demand during a recession.
Contractionary fiscal policy – Cutting government spending or raising taxes to reduce AD.
Frictional unemployment – Short-term unemployment when people move between jobs.
