Transcript jeopardy review

ECONOMICS
JEOPARDY
Double
Jeopardy
Final
Jeopardy
Economic
Basics
Economic
Systems
The American
Economy
Economic
Goals
Consumer
Spending
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
ECONOMIC BASICS FOR 100:
Wants and needs exceed the resources
needed to fulfill them.
Basics for 100 points:
Answer: Scarcity
ECONOMIC BASICS for 200 points:
manufactured goods used to make other
goods and services
BASICS for 200 points:
Answer: CAPITAL
ECONOMIC BASICS: for 300 points:
These are the 5 major factors of
production.
BASICS for 300 points:
Answer: Land, Labor, Capital
Tecnology, Entrepreneurship
ECONOMIC BASICS for 400 points:
the value of the next best alternative
given up for the alternative that was
chosen.
BASICS for 400 points:
Answer: OPPORTUNITY COST
ECONOMIC BASICS for 500 points:
a graph showing the maximum
combination of goods and services that
can be produced given a limited supply of
resources.
BASICS for 500 points:
Answer: Production Possibility
Frontier (PPF)
ECONOMIC SYSTEMS for 100 points:
The 3 questions that must be answered by
all economic systems.
ECONOMIC SYSTEMS for 100 points:
Answer: What, how, for whom
ECONOMIC SYSTEMS for 200 points:
System based upon tradition, customs and
religion.
ECONOMIC SYSTEMS for 200 points:
Answer: Traditional economy
ECONOMIC SYSTEMS for 300 points:
The type of system most associated with
total government control. (former Soviet
Union)
ECONOMIC SYSTEMS for 300
points:
Answer: COMMAND
ECONOMY
ECONOMIC SYSTEMS for 400 points:
A system that is defined as a combination
of several types of economic systems.
(Over 90 percent of the world)
ECONOMIC SYSTEMS for 400 points:
Answer: MIXED ECONOMY
ECONOMIC SYSTEMS for 500 points:
An economic model that pictures income
and product flowing continuously
between businesses and consumers.
ECONOMIC SYSTEMS for 500 points:
Answer: CIRCULAR FLOW
THE AMERICAN ECONOMY for 100
points:
The “FATHER” of
MICROECONOMICS.
THE AMERICAN ECONOMY for 100
points:
Answer: ADAM SMITH
THE AMERICAN
ECONOMY for 200 points
:
the desire to make
money that drives
people to go into
business.
THE AMERICAN
ECONOMY for 200
points :
Answer: PROFIT INCENTIVE
THE AMERICAN ECONOMY for 300
points:
whatever is owned by individuals and not
by the government.
THE AMERICAN ECONOMY for 300
points:
Answer: Private Property
THE AMERICAN ECONOMY for 400
points:
Rivalry amongst producers and sellers to
win consumers’ dollar votes.
THE AMERICAN ECONOMY for 400
points:
Answer: COMPETITION
THE AMERICAN ECONOMY for 500
points:
The theory created by Adam Smith that
explains selfish desires and the common
good.
THE AMERICAN ECONOMY for 500
points:
Answer: INVISIBLE HAND
ECONOMIC GOALS for 100 points: a
wise use of available resources so that
costs do not exceed benefits (limit waste)
ECONOMIC GOALS for 100 points:
Answer: EFFECIENCY
ECONOMIC GOALS for 200 points:
the expansion of the economy to create
goods, jobs and wealth
ECONOMIC GOALS for 200 points:
Answer: ECONOMIC GROWTH
ECONOMIC GOALS for 300 points:
This word means “fairness” when it
comes to the economy.
ECONOMIC GOALS or 300 points:
Answer: EQUITY
ECONOMIC GOALS for 400 points:
A two word synonym for a capitalist or
market economy.
ECONOMIC GOALS for 400 points:
Answer: Free Enterprise
ECONOMIC GOALS for 500 points:
the material well-being of an
individual, group or nation as
measured by the levels of necessities
and luxuries.
ECONOMIC GOALS for 500 points:
Answer: Standard of Living
CONSUMER SPENDING for 100
points:
The two places where consumers spend
one half of their income.
CONSUMER SPENDING for 100 points:
Answer: Housing and transportation
CONSUMER SPENDING 200 points:
The money left over after taxes have been
paid.
CONSUMER SPENDING for 200 points:
Answer: Disposable Income
CONSUMER SPENDING for 300 points:
Approximately what percentage of
income is spent on food and clothing
(combined)?
CONSUMER SPENDING or
Answer: 20%
300 points:
CONSUMER SPENDING for 400 points:
Choosing the alternative that has the
greatest value among other comparable
products.
CONSUMER SPENDING for 400
points:
Answer: Rational Choice
CONSUMER SPENDING for 500
points:
money income a person has left to spend
on luxury goods after the necessities have
been purchased.
CONSUMER SPENDING for 500
points:
Answer: Discretionary Income
ECONOMICS
Double Jeopardy
Back to
Jeopardy –
round 1
Final
Jeopardy
DEMAND
SUPPLY
Equilibrium
Business
Organization
Market
Structure
200
200
200
200
200
400
400
400
400
400
600
600
600
600
600
800
800
800
800
800
1000
1000
1000
1000
1000
DEMAND for 200:
What type of relationship does
Price and Quantity have in
regards of the law of demand?
DEMAND for 200:
Answer: Price up QD down
Price down QD up
DEMAND for 400:
if two items satisfy the same
need, then you buy the cheaper
one.
DEMAND for 400:
Answer: Substitution effect
DEMAND for 600:
Goods that go together.
DEMAND for 600:
Answer: Complementary
DEMAND for 800:
How much demand responds in
regards to a change in price.
DEMAND for 800:
Answer: ELASTICITY
DEMAND for 1000:
Goods that have substitutes and
are more likely to be luxury
goods have what type of demand?
DEMAND for 1000:
Answer: ELASTIC
SUPPLY for 200:
The relationship of price and
quantity in regards of the law of
supply.
SUPPLY for 200:
Answer: DIRECT
SUPPLY for 400:
Give the 3 major factors that
determine costs of production?
SUPPLY for 400:
Answer: Land, labor, capital
SUPPLY for 600:
Which way would the Supply
curve shift if there was a tornado
that wiped out one-third of the
U.S.’s corn crop?
SUPPLY for 600:
Answer: LEFT or INWARD
SUPPLY for 800:
Any use of land, labor or capital
that produces goods and services
more efficiently.
SUPPLY for 800:
Answer: TECHNOLOGY
SUPPLY for 1000:
What will happen to the supply
curve if the government imposes
taxes on the production of an
inelastic demanded good?
SUPPLY for 1000:
Answer: DOES NOT MOVE (Consumers will buy
the good at a higher price)
EQUILIBRIUM for 200:
When QD is greater than QS.
EQUILIBRIUM for 200:
Answer: SHORTAGE
EQUILIBRIUM for 400:
“Underground” or illegal market
where goods are usually sold at
above equilibrium prices.
EQUILIBRIUM for 400:
Answer: BLACK MARKET
EQUILIBRIUM for 600:
A legal MAXIMUM price that
may be charged.
EQUILIBRIUM for 600:
Answer: PRICE CEILING
EQUILIBRIUM for 800:
An oversupply of apples in this
year’s apple harvest would do what
to Equilibrium PRICE?
EQUILIBRIUM for 800:
Answer: MAKE IT GO DOWN
EQUILIBRIUM for 1000:
How is EQUILIBRIUM PRICE
determined?
10 
40 V
10 
EQUILIBRIUM for 1000:
10 
Answer: Supply and Demand Interact
40 V
10 
BUSINESS ORGANIZATION
for 200:
A person who organizes, manages
and assumes the risks of starting a
business.
BUSINESS ORGANIZATION
for 200:
Answer: ENTREPRENEUR
BUSINESS ORGANIZATION
for 400:
An extra supply of items such as
raw materials or finished goods
that are used in a business.
BUSINESS ORGANIZATION
for 400:
Answer: INVENTORY
BUSINESS ORGANIZATION
for 600:
Being fully responsible for all
gains and losses in a business.
BUSINESS ORGANIZATION
for 600:
Answer: UNLIMITED LIABILITY
BUSINESS ORGANIZATION
for 800:
All items to which a business or
household holds legal claim.
BUSINESS ORGANIZATION
for 800:
Answer: ASSETS
BUSINESS ORGANIZATION
for 1000:
The Business structure that
makes up 75% of American
Business, but only 5 % of sales.
BUSINESS ORGANIZATION
for 1000:
Answer: SOLE PROPRIETORSHIP
MARKET STRUCTURE for
200:
Structure in which no buyer or
seller can affect the price of a
good or service.
MARKET STRUCTURE for
200:
Answer: Perfect Competition
MARKET STRUCTURE for
400:
In regards of products, the word
“homogeneous” means what?
MARKET STRUCTURE for
400:
Answer: SAME or SIMILAR
MARKET STRUCTURE for
600:
Situation where the producer has
a large amount over control over
price mostly because their
product is unique.
MARKET STRUCTURE for
600:
Answer: OLIGOPOLY
MARKET STRUCTURE for
800:
Food, Clothing and advertising
are most prominent in this market
structure.
MARKET STRUCTURE or
800:
Answer:
MONOPOLISTIC COMPETITION
MARKET STRUCTURE for
1000:
This government agency
regulates the sale of stocks, bonds
and investments.
MARKET STRUCTURE for
1000:
Answer: Securities and Exchange Commission (SEC)
Place your wagers! Remember, you
can only bid up to the amount you
have!!
This individual had a virtual MONOPOLY because of his
“Standard” business prowess. Name him and the good or
service he is best known for.
Answer: JOHN D.
ROCKEFELLER
OIL