Transcript JEOPARDY
This is JEOPARDY Consumer Economics First Semester Midterm Review Mr. Booth/Alex Trebek Categories Introduction to Economics 100 200 300 400 500 Supply and Demand 100 200 300 400 500 Factors of Supply and Demand 100 200 300 400 500 Economic Performance 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Final Jeopardy Christianity – Jesus Islam – Muhammad Buddhism – Siddhartha Gautama Hinduism – No major founder Judaism - Abraham List each of the 5 major religions we covered in class with its founder or prophet – 2 minutes, good luck What is Land, Labor, Capital, Entrepreneurship? The Four Factors of Production Who is Adam Smith? He laid the foundation for modern economics and believes in free trade, choice and voluntary exchange as he said in his book “The Wealth of Nations.” What is a cost-benefits analysis? Examining the expected costs and expected benefits when making a decision is called: What is Positive Economics? This type of economics explained explaining economics as it is (Scientific method) would be called ______economics What is a Circular Flow model? This model shows how many sectors and markets are within the economy What is the Government? In a communist economy, resources are owned by the Change in Quantity Demanded? Different points on the curve represent this Elasticity of Demand? Consumer Responsiveness to price is... What is a variable cost? How to much to pay workers wages is called this type of cost What is selfish, and wicked. Hobbes believed people were naturally ________ & ________. What is left (QS) decreases? Situation: Anna makes nutrition bars that contain peanuts. The cost of peanuts has gone up (inputs) The QS shifts... “Don’t Choke!” Daily Double What is Right? QS shifts right In 1992, Company ABC’s secretaries get new computers (used to have typewriters) which increases technology. The supply curve shifts… What is decrease/ shifts left? Excise taxes or government action increase or decrease supply? What is consumer taste, curve shifts right (demand goes up)? Lebron James wear’s cool new Nike’s and this is a new trend. What factor of demand is this? Will the curve shift left or right? An increase in demand for CD players has what affect for CD’s (Complementary Goods)? What is Nominal GDP? This type of GDP states GD in terms of the current value of goods and services What is Real GDP? This type of GDP states real GDP corrected for changes in prices from year to year (eliminates price differences from year to year) What is Frictional Unemployment? Type of unemployment that is temporary unemployment of people changing job..Mom goes back to the work force What is Structural? Type of Umemployment when jobs exist but don’t match the skills of the available work force “Don’t Choke!” Daily Double What is Cyclical? When businesses lay off workers to save on costs is this type of unemployment ? ? ? ? ?