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Follow the man..Read the phrases on the shimmering neon lights and write down the correct economic term to match that phrase

1. The number of people living below a certain income threshold1. The number of people living below a certain income threshold2. The total cost divided by the number of units of the commodity produced2. The total cost divided by the number of units of the commodity produced3. Factors which make it difficult or expensive for new firms to enter a market3. Factors which make it difficult or expensive for new firms to enter a market

4. Consumers may be unaware of the negative externalities that these goods create4. Consumers may be unaware of the negative externalities that these goods create5. Reductions in long-run average cost from an increase in the scale of production5. Reductions in long-run average cost from an increase in the scale of production6. Measures the relationship between a change in quantity demanded and a change in real income6. Measures the relationship between a change in quantity demanded and a change in real income

8. When third parties benefit from the spill-over effects of production/ consumption8. When third parties benefit from the spill-over effects of production/ consumption7. Where resources are partly allocated by the market and partly by the government7. Where resources are partly allocated by the market and partly by the government9. Goods which are non-rival and non-excludable9. Goods which are non-rival and non-excludableThis way

This way

10. A view of the rightness or wrongness of something, based on a personal view10. A view of the rightness or wrongness of something, based on a personal view11. Goods in competitive demand and act as replacements for another product11. Goods in competitive demand and act as replacements for another product12. The cost of any choice in terms of the next best alternative foregone12. The cost of any choice in terms of the next best alternative foregone

Press Space Bar for answers

1The number of people living below a certain income thresholdAbsolute PovertyPress Space Bar for answers2The total cost divided by the number of units of the commodity producedAverage Total Cost3Factors which make it difficult or expensive for new firms to enter a marketBarriers to Entry4Consumers may be unaware of the negative externalities that these goods createDe-merit Goods5Reductions in long-run average cost from an increase in the scale of productionEconomies of Scale6Measures the relationship between a change in quantity demanded and a change in real incomeIncome Elasticity of Demand7Where resources are partly allocated by the market and partly by the governmentMixed economy8When third parties benefit from the spill-over effects of production/ consumptionPositive Externalities9Goods which are non-rival and non-excludablePublic Goods10A view of the rightness or wrongness of something, based on a personal viewNormative economics11Goods in competitive demand and act as replacements for another productSubstitutes12The cost of any choice in terms of the next best alternative foregoneOpportunity Cost

DefinitionPhrase1The number of people living below a certain income thresholdAbsolute Poverty2The total cost divided by the number of units of the commodity producedAverage Total Cost3Factors which make it difficult or expensive for new firms to enter a marketBarriers to Entry4Consumers may be unaware of the negative externalities that these goods createDe-merit Goods5Reductions in long-run average cost from an increase in the scale of productionEconomies of Scale6Measures the relationship between a change in quantity demanded and a change in real incomeIncome Elasticity of Demand7Where resources are partly allocated by the market and partly by the governmentMixed economy8When third parties benefit from the spill-over effects of production/ consumptionPositive Externalities9Goods which are non-rival and non-excludablePublic Goods10A view of the rightness or wrongness of something, based on a personal viewNormative economics11Goods in competitive demand and act as replacements for another productSubstitutes12The cost of any choice in terms of the next best alternative foregoneOpportunity Cost

Teachers notesThe purpose of this activity is to test the recall of key phrases within your curriculum.As well as this Powerpoint file, you will need to print off a student response worksheet (slide 11) for as many students as you require.You will need to enable macros on opening of this file.The scrolling slideshow lasts approximate three and a half minutes. It has a musical accompaniment.To run activity:Run Powerpoint file from beginning and show students the first slide and its instructionsPress space bar and start the slideshow. Allow students to read the definitions and write the key phrases on their response sheetWhen slideshow is over, show the answers to the students, checking their responses.

Teachers notesTo alter the key phrases and definitions:You can alter the key phrases and definitions by typing in your own these need to be placed in the table on slide 8 following the appropriate column headingsPlease ensure that you use the same table that it already provided if you cut and past your own table the programme within this slide will not work.This editing should be done in Normal view within Powerpoint.On completion of editing the table on slide 8 return to this slide , run the slide show and click the button below.You can then run the slide show with your own responses.

Click here (in slideshow mode) when you have altered the table on slide 8. This will automatically alter the neon lights and answers on slide 7.

Student Response SheetPhrase No.Key Phrase123456789101112

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