Transcript Econ_Chpt1_Sect3

Economic Concepts Jeopardy
Anagrams
Value, Utility &
Wealth
Adam Smith
Goods, Services,
& Consumers
Economic
Interdependence
Productivity
100
100
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200
200
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400
400
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500
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500
Final Question
Anagrams 100
An item that lasts more than 3 years
when used routinely (2-Words)
uralebd
oodg
Unscramble the above letters to find
the name of the item.
Answer: Durable Good
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Anagrams 200
Process of using up goods and services to
satisfy wants and needs.
notimpsnocu
Answer: Consumption
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Anagrams 300
Goods and services that are useful,
relatively scarce, and transferable to
others (Two-Words)
moeoccin
tcdporus
Answer: Economic Products
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Anagrams 400
Actions in one part of the country or
world have an impact on another part of a
country or world is known as what (TwoWords)
meooccni
dpditeeernndcee
Answer: Economic Interdependence
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Anagrams 500
An economic tool that economists use to
predict where resources can be most fully
utilized or lack thereof (Three-Words).
nopoucdirt
ssiboltpiieis
ntieforr
Answer: Production Possibilities Frontier
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Value, Utility, & Wealth - 100
Something that has worth and can be
expressed in dollars and cents.
Answer: Value
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Value, Utility, & Wealth - 200
Water being a major need having little
monetary value compared to diamonds
which are a want having much
monetary value.
Answer: Paradox of Value
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Value, Utility, & Wealth - 300
“For something to have value, it must
also have ___________, or the
capacity to be useful to someone.”
Answer: Utility
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Value, Utility, & Wealth - 400
Capable of being touched; essentially, real
and not imaginary.
Answer: Tangible
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Value, Utility, & Wealth - 500
Point Doubler
The sum of a nation’s economic
products that are tangible, scarce,
useful, and transferable from one
person to another – Similar to GDP.
Answer: Wealth
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Adam Smith 100
According to Smith, productivity
increases as workers become more
____________.
Answer: Skilled
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Adam Smith 200
Smith argued that a nation’s wealth
was the sum of what instead of who
owned them?
A. Laissez-Faire
B. Goods Produced by Labor
C. Invisible Hand
Answer: B. Goods Produced by Labor
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Adam Smith 300
Smith also argued that competition,
together with the free market
system, could act as what? It
guided resources to their most
productive use.
Answer: Invisible Hand
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Adam Smith 400
No government tampering in
economic activity which also became
a watchword in Great Britain is
known as what?
Answer: laissez-faire
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Adam Smith 500
Evil Point Doubler!
Another team chooses how much you will wager!
Smith was known as what?
A. Economist & Philosopher
B. Politician & Strategist
C. Entrepreneur & Diplomat
Answer: A. Economist & Philosopher
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Goods, Services, & Consumers - 100
A manufactured good used to produce
other goods.
Answer: Capital Goods
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Goods, Services, & Consumers - 200
A good that lasts less than 3 years
when used on a regular basis.
Answer: Nondurable Good
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Goods, Services, & Consumers - 300
Something that is not tangible and
performed for someone, possible a
customer.
Answer: Service
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Goods, Services, & Consumers - 400
The use of goods to impress others.
Answer: Conspicuous
Consumption
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Goods, Services, & Consumers - 500
Something that is intended for final
use by an individual.
Answer: Consumer Good
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Economic Interdependence - 100
Location or mechanism that allows
buyers and sellers to deal readily in a
certain economic product.
Answer: Market
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Economic Interdependence - 200
An economy where consumers and
privately owned businesses, rather
than the government, jointly make
the majority of the WHAT, HOW,
and FOR WHOM decisions.
Answer: Free Enterprise Economy
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Economic Interdependence - 300
When individuals receive their
incomes, they spend it where?
A) The Mall
B) Factor Market
C) Product Market
Answer: C. Product Market
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Economic Interdependence - 400
Where do individuals receive their
incomes? Also know as a place
where productive resources are
bought and sold.
Answer: Factor Market
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Economic Interdependence - 500
Relating to Baldwin, Wisconsin, the United
States, and the World, how does the flow of
economic activity take place among
individuals, factor & product markets, and
business?
A. Triangular
B. Quadrilaterally
C. Circular
Answer: Circular
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Productivity - 100
What is the term for hiring labor for
a specific job that they are skilled
at?
Answer: Specialization
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Productivity - 200
The sum of skills, abilities, health, and
motivation of people.
Answer: Human Capital
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Productivity - 300
When a worker performs fewer tasks more
frequently and becomes more
specialized or an expert in those tasks.
Answer: Division of Labor
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Productivity - 400
When does productivity go up?
A. When input exceeds output
B. When output increases with the
same or less amount of input.
C. At the Stock Exchange closes
Answer: B. When output increases with
the same or less amount of input.
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Productivity - 500
Point Doubler
If you were a farmer considering
purchasing capital goods, what
would be the most important.
A. New & Innovative Machinery
B. More Productive Seeds
C. Land with Fertile/Rich Soil
Answer: C. Land with Fertile/Rich Soil
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Final Question
Category : Money
Decide how much you want to risk
If you take the coin and bill Lincoln is
on, the coin and bill Jefferson is on,
and the coin and bill Washington is
on, how much money would you
have? (Note: Do not use the
Presidential $1 coins)
Answer: $8.31
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