Economics bingo

Exercise and reference answers

Clues and terms

1. Clue

   Private owners compete.

   Item

   Capitalism

2. Clue

   State owns nearly all.

   Item

   Communism

3. Clue

   State runs key industry.

   Item

   Socialism

4. Clue

   What buyers will take.

   Item

   Demand

5. Clue

   Supply meets demand.

   Item

   Equilibrium

6. Clue

   All final output valued.

   Item

   GDP

7. Clue

   Two quarters of fall.

   Item

   Recession

8. Clue

   Prices rising overall.

   Item

   Inflation

9. Clue

   A few firms dominate.

   Item

   Oligopoly

Instructions

Read each clue and tap the term it describes.

Explanation