Transcript Econ Final Review 1 Jeopardy

Economics Review Jeopardy
What is
Economics?
Economic
Systems
Demand &
Supply
Consumer
1st Half
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Final Jeopardy
$100 Question from What is
Economics
A company’s office building
is an example of what type
of factor of production?
$100 Answer from What is
Economics
Capital
$200 Question from What is
Economics
True or False.
Temporary workers are
an example of labor.
$200 Answer from What is
Economics
True
$300 Question from What is
Economics
What is the most basic
problem of economics?
$300 Answer from What is
Economics
Scarcity
$400 Question from What is
Economics
Combining land, labor,
and capital make resources
_____ valuable.
$400 Answer from What is
Economics
More
$500 Question from What is
Economics
What are the five factors
of production?
$500 Answer from What is
Economics
Land, labor, capital,
entrepreneurship, and
technology
$100 Question from Economic
Systems
True or False. In a
command economy,
economic decisions are
made by individuals.
$100 Answer from Economic
Systems
False
$200 Question from Economic
Systems
It is easier to start your
own business in a
_________ economy.
$200 Answer from Economic
Systems
Free Enterprise OR
Capitalist OR
Laissez-faire
$300 Question from Economic
Systems
Name two countries with a
command economy.
$300 Answer from Economic
Systems
China, North Korea,
Nazi Germany
$400 Question from Economic
Systems
In a capitalist system,
most property is
________ property.
$400 Answer from Economic
Systems
Private
$500 Question from Economic
Systems
What are the three basic
economic questions answered
by all economies?
$500 Answer from Economic
Systems
What to produce?
How to produce?
For whom to produce?
$100 Question from Demand and
Supply
According to the law of
demand, if price goes up, the
quantity demanded will
_________.
$100 Answer from Demand and
Supply
Decrease (go down)
$200 Question from Demand and
Supply
According to the law of
supply, higher prices prompt
producers to ___________.
$200 Answer from Demand and
Supply
Produce More
$300 Question from Demand and
Supply
When the price of a good is
too high for consumers, they
look for _____ goods.
$300 Answer from Demand and
Supply
Substitute
$400 Question from Demand and
Supply
Demand for one particular
brand of coffee is probably
(elastic or inelastic).
$400 Answer from Demand and
Supply
Elastic
$500 Question from Demand and
Supply
What is the principle that
states that the more you have
of something, the less
satisfaction you will get from
an additional unit?
$500 Answer from Demand and
Supply
Law of Diminishing
Marginal Utility
$100 Question from Consumer
What is the term for anyone
who buys or uses a good or
service?
$100 Answer from Consumer
Consumer
$200 Question from Consumer
What is a promise to repair or
replace a faulty product within
a certain time?
$200 Answer from Consumer
Warranty
$300 Question from Consumer
Every purchase decision
involves the use of what
two scarce resources?
$300 Answer from Consumer
Time and Income
$400 Question from Consumer
What is the term for money
people have left after they
have paid their taxes?
$400 Answer from Consumer
Discretionary Income
$500 Question from Consumer
Name the five consumer
rights.
$500 Answer from Consumer
Right to choose
Right to be informed
Right to be heard
Right to redress
Right to safety
$100 Question from First Half
“Bait and Switch” is an
example of _____
advertising.
$100 Answer from First Half
Deceptive
$200 Question from First Half
Scarcity exists because
people's needs and wants
are _________.
$200 Answer from First Half
Unlimited
$300 Question from First Half
What is most influential
aspect of a product or
service?
$300 Answer from First Half
Price
$400 Question from First Half
What is the term for the
legal maximum that may
be charged for a particular
good or service?
$400 Answer from First Half
Price Ceiling
$500 Question from First Half
What is a graph showing the
maximum combination of
goods and services that can
be produced from a fixed
amount of resources?
$500 Answer from First Half
Production Possibilities
Curve
Final Jeopardy
What is the study of how
individuals, families, businesses,
and societies use limited
resources to fulfill their
unlimited wants?
Final Jeopardy Answer
Economics