Transcript Unit 3 Jeopardy Review

Contestants
Don’t
Forget...
…Always phrase
your answers in
the form of a
question!
Hands on your buzzers, its...
Nerdstick
Watahead
Jo’ Mama
Hazzard
County
Goober Jim
100
100
100
100
100
200
200
200
200
200
300
300
300
300
300
400
400
400
400
400
500
500
500
500
500
Nerdstick for $100
Two ways buyers
affect price
What is…?
Demand and
willingness to
pay.
Back to
Game
Nerdstick for $200
Two side effects of a
natural disaster on
cotton crops.
What are…?
Price goes up
and quantity
supplied
decreases
Back to
Game
Nerdstick for $300
Goods used in place
of other products
What are…?
…substitute
goods
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Nerdstick for $400
Desire, ability and
willingness to buy a
product
What is…?
demand
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Nerdstick for $500
Libby would rather
have a double whopper
than the big mac due
to…
What is…?
Consumer taste
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Waterhead for $100
One of the biggest
disadvantages of
Sammy opening his
own archery range.
What is…?
Unlimited
liability
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Waterheads for $200
The market for labor would be
part of the ______ market.
What is…?
Factor market
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Waterheads for $300
Small increase in price
leads to a large change
in quantity demanded.
What is…?
Price elasticity
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Waterheads for $400
Business type
commonly associated
with doctors and
lawyers.
What is…?
Partnership
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Waterheads $500
Reginald freely and
willingly purchases a mail
order bride form a
Russian based company
on the net.
What is…?
Voluntary exchange
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Your Mama for $100
If the demand moves
left, then supply does
this.
What is…?
decrease
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Your Mama for $200
The U.S. does not have
a pure market
economy, but rather
this.
What is…?
Mixed economy
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Your Mama for $300
Suppliers will offer
more at higher prices
as long as there is
sufficient demand.
What is…?
The law of supply and
demand
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Your Mama for $400
The point where
quantity supplied
equals the quantity
demanded
What is…?
Equilibrium
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Your Mama for $500
The use of this provides
an efficient means of
economic exchange
What is…?
Money
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Game
Hazzard County for $100
An industry that is
dominated by a few
large firms
What is…?
Oligopolistic
competition
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Game
Hazzard County for $200
I own my own restaurant but
have to sell burgers because
the corporate office says I
have to. I lack these
What are…?
Franchise rights
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Hazzard County for $300
In this type of competition,
there is a large number of
buyers and sellers with
similar products
What is…?
Perfect
competition
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Hazzard County for $400
New cancer medication
would probably have a
very low this
What is …?
Price elasticity
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Hazzard County for $500
The type of competition in
which firms can make
greater than normal profits
for short periods of time
What is…?
Monopolistic
competition
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Afflicted for $100
Probably the biggest
motivator for business
in a market economy
What is…?
profit
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Afflicted for $200
These are things
corporations sell to
generate money for
their company.
What are…?
Shares, stocks or
bonds
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Afflicted for $300
If the price of concert
tickets goes down, this
will increase dramatically
What is…?
…demand
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Afflicted for $400
Cole invests $15,000 in
Reebok. If Reebok goes into
debt and experiences
bankruptcy, he will only lose
$15,000 because of this
What is…?
Limited liability
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Afflicted for $500
If De- don’t and thousands of
others like her get fired for
sleeping on the job, this will
be the effect on equilibrium
price and quantity supplied
of dum- dum pops.
What is…?
Price will
increase and
quantity supplied
will decline
Back to
Game
•Final Jeopardy
This is the most common type
of variable cost a business
owner could have to face...