Transcript Midterm Review Jeopardy

Jeopardy
Are You Scarce?
Capitalism
Production Supply and Demand Markets
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Final Jeopardy
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Term for the improvement in productivity due to
more efficiency?
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What is Specialization of Labor
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What type of economics focuses on behavior of
the individual in the market?
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What is Microeconomics?
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The type of economics that examines the
behavior of the market as a whole is?
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What is Macroeconomics?
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This man proposed the idea of laissez-faire
economics
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Who is Adam Smith?
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The fact that scarcity exists in society is due in
large part to
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What is because resources are limited?
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Defending oneself against disease, one has
reduced the risk of transmitting disease to
others. This benefits the third party (society) as
a whole
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What is a positive externality?
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What to produce, how to produce it and for
whom
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What are the three basic questions of
economics?
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The cycle of money and goods/services among
things in an economic transaction
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What is the circular flow of goods and services?
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Products of production that impose costs on
third parties
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What are negative externalities?
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The basis of a market economy, where private
entrepreneurs own the factors of production
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What is capitalism?
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The value of the best alternative item you
passed up in your decision making.
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What is opportunity cost?
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The possible combinations of two types of goods
that can be produced when available resources
are employed fully and efficiently?
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What is a production possibilities curve?
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Land, capital, labor and entrepreneurs are this
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What are the factors of production?
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Expansion, peak, contraction (recession) and
trough are parts of this process
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What is the business cycle?
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The economy of the US can be described as this
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What is a capitalist economy?
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Technology, price of resources and producer
expectations are examples of
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What are determinants of demand?
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This measures how responsive quantity
demanded is to a price change- the percent
change in quantity demanded divided by the
change in price
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What is elasticity of demand?
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1. Prices of different goods including substitutes
2. Number of suppliers
3. Production function and technology
4. Prices of different inputs including wage rates,
interest.
5. Producers' future expectations
 What are determinants of supply?
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What happens to equilibrium price and quantity
when the demand curve shifts to the left?
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Equilibrium price goes up but quantity
demanded goes down
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The consumer demand for cancer treatment is?
(inelastic or elastic)
 What about Soda? (inelastic or elastic?)
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What is inelastic and what is elastic
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Rent control occurs because the govt feels
everyone should have affordable lodging. This is
an example of
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What is a price ceiling?
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This equals the revenue from sales minus the
cost of production
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What is profit?
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In a market economy, a high price is a signal for
suppliers and consumers to do what?
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What is suppliers supply more of the product but
the consumers to buy less of the product?
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In which market structure do consumers have
the most amount of choices
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What is monopolistic competition?
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Legal obligation to pay any any debts of the
business?
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What is liability?
Final Jeopardy
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The main incentive why Bill Gates started
Microsoft
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What is to make money for himself and his
investors!!