Game Words

Front 1

supply

Back 1

Schedule of quantities offered for sale at allposible prices in a market.

Front 2

Demand

Back 2

Combination of desire, ability, and willingnessto buy a product.

Front 3

Break even point

Back 3

Production needed if the firm is to recover itscosts; production level where total cost equals total revenue.

Front 4

Factors of production

Back 4

Productive resources that make up the fourcategories of land, capital, labor, and entrepreneurship.

Front 5

Economic cycle

Back 5

The natural fluctuation ofthe economy between periods of expansion (growth) and contraction(recession).

Front 6

Welfare State

Back 6

Program whereby a governmentor private agency programs that provide general economic and social assistanceto needy individuals.

Front 7

Neoliberalismo

Back 7

An approach to economicsand social studies in which control of economic factors is shifted from thepublic sector to the private sector. Drawing upon principles of neoclassical economics, neoliberalism suggests that governments reduce deficit spending, limit subsidies, reform tax law to broaden the tax base, remove fixed exchange rates, open up markets to trade by limiting protectionism, privatize state-run businesses, allow private property and backderegulation.

Front 8

Globalization

Back 8

The tendency of investment funds and businesses to move beyond domestic andnational markets to other markets around the globe, thereby increasing theinterconnectedness of different markets. Globalization has had the effect ofmarkedly increasing not only international trade, but also cultural exchange.

Front 9

Regionalism

Back 9

Institutional arrangementsdesigned to facilitate the free flow of goods and services and to coordinateforeign economic policies between countries in the same geographicregion.

Front 10

Trade embargo

Back 10

Prohibition on the exportor import of a product.

Front 11

Economic integration

Back 11

An economic arrangementbetween different regions marked by the reduction or elimination of tradebarriers and the coordination of monetary and fiscal policies. The aim of economic integration is to reduce costs for both consumersand producers, as well as to increase trade between the countries taking partin the agreement.

Front 12

Free Trade Agreement

Back 12

Treaty (such as FTAA orNAFTA) between two or more countries to establish a free trade area where commerce ingoods and services can be conducted across their common borders, withouttariffs or hindrances but (in contrast to a common market) capital or labor maynot move freely.

Front 13

Quota

Back 13

Limit on the amount of agood that can be allowed into a country.)

Front 14

Inflation rate

Back 14

Is the rate at which the general levelof prices for goods and services is rising and, consequently, the purchasingpower of currency is falling.

Front 15

GDP

Back 15

It is the monetary value ofall the finished goods and services produced within a country's borders in aspecific time period

Front 16

Overproduction

Back 16

Excess of supply overdemand of products being offered to the market.