Transcript economics jeopardy review game

Economic Economic
Supply and
Principles of
International
PerformancePerformance
Production
Economics
Trade
Demand
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_______ is the cost
of what you give
up to obtain an
item.
Opportunity Cost
________ is the
cost you can never
recover no matter
Sunk cost
________ is the
small or
incremental
amount you would
pay extra to have
more
Marginal Cost
Humankind has
unlimited wants but our
resources are limited thus
creating the problem of
________
Scarcity
___= revenue – cost
of production
Profit
A ____ is anything
an individual wants
more of at zero
price.
Good
Copper and iron
are ______ natural
resources.
Exhaustible
_____ is the study
of how a society
manages its scarce
resources.
Economics
When you _______ in
something, it means you focus
on one task enabling you to be
more efficient and productive.
Specialize
All factors of
production are
called ________
Capital resources or
capital goods
Demand for a good exists only
when consumers are both _____
and ____ to buy it
Willing and able
If elasticity is
greater than 1.0,
demand is ______.
Elastic
As substitutes
become cheaper,
demand for the
normal good will
_____
Decrease
_____ goods are
goods that go
together and
usually sold
together.
Complementary
goods
A ______ exists
when quantity
demanded is lower
than quantity
supplied.
Surplus
When firms get
together to fix
prices and quantity
it is called
Cartel
A profit-seeking
individual who
accepts all risk of
success or failure in
business
Entrepreneur
When 1 person or
1 group holds all
market power in
an industry
Monopoly
Who pays more
taxes- a sole
proprietor or a
corporation?
Corporation
Legal obligation of
a firm to pay off all
debts
Liability
Which type of spending makes
up 60% or more of our nation’s
spending?
Consumption
Which type of GDP
takes inflation into
account- real or
nominal?
Real
I’m thinking of a #
1-10. What is it?
8
What are the 2
phases of a
business cycle?
Expansion and
recession
Which type of
unemployment is
caused by
recession?
Cyclical
A point of reference
to measure
inflation
Consumer price
index
_______ are taxes
countries place on
imported goods.
Tariffs
_______ is a free
trade agreement
among US, Mexico,
and Canada
NAFTA
The ______ theory states that
developing countries will
eventually catch up with the
industrialized countries.
Convergence
Theory
Crude oil makes up
___% of our
nation’s imports.
17%
Ms. So’s husband
Make your wager
In which city did
the Rock play
college football?
Miami