Transcript Econ Mid-Term Review Jeopardy

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MACROECONOMICS
DEMAND
SUPPLY
BUSINESS
ORGANIZATIONS
VOCABULARY
MACROECONOMICS
DEMAND
SUPPLY
ORGANIZATIONS
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BUSINESS
VOCABULARY
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C 1 - $100
Entrepreneurs are
considered the
driving force in our
economy because
they….
C 1 - $200
Which group of
people immediately
determines what our
economy produces?
C 1 - $300
What is the best way
to describe the U.S.
economic system?
C 1 - $400
In a market
economy
a high price is
a signal for …
C 1 - $500
Business receipts
(revenue)
- (Minus)
Business expenses (costs)
=?
C 2 - $100
The demand curve
shifting to the left
represents this?
C 2 - $200
Movement along
the demand curve
represents this
C 2 - $300
When the demand
curve shifts to the
right it represents
this
C 2 - $400
An increase in
consumer’s income
will cause the
demand curve to do
this
C 2 - $500
Customers’ willingness
to replace a costly item
with a less costly item is
an example of this
C 3 - $100
Movement along
the supply curve
represents this
C 3 - $200
The supply curve
shifting to the right
represents this?
C 3 - $300
How would a
change in price
be shown on the
supply curve?
C 3 - $400
New technology that
increases production
will cause the supply
curve to do this
C 3 - $500
This occurs when
the quantity
supplied is greater
than the
quantity demanded
C 4 - $100
When a major car
company lowers its
prices other car
companies
will do what?
C 4 - $200
Many businesses
are engaging in
e-commerce
because ……
C 4 - $300
In which type of
business org.
do the owners
earn dividends?
C 4 - $400
A large number of
buyers and sellers
is a characteristic
of this type of
competition
C 4 - $500
An inactive partner
in a limited
partnership
has this type of
liability
C 5 - $100
We become better
decision makers by
studying this
C 5 - $200
The diamonds and
water paradox is also
called this
C 5 - $300
Manufactured goods
needed to produce
other goods are
called this
Profit-maximizing
level of output
is reached when
marginal cost
equals?
C 5 - $400
C 5 - $500
The federal minimum
wage is an example
of which social and
economic goal?
C 1 A - $100
Start new businesses
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C 1 A - $200
consumers
$
C 1 A - $300
Modified
Free Enterprise
System
$
C 1 A - $400
Producers to supply more
And
Consumers to buy less
$
C 1 A - $500
Profit
$
C 2 A - $100
A decrease
In demand
$
C 2 A - $200
A change in
quantity demanded
$
C 2 A - $300
An increase
in demand
$
C 2 A - $400
Shift to the right
$
C 2 A - $500
The
substitution
effect
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C 3 A - $100
A change in
quantity supplied
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C 3 A - $200
An increase
in supply
$
C 3 A - $300
Movement along
the supply curve
$
C 3 A - $400
Shift to the right
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C 3 A - $500
A surplus
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C 4 A - $100
Lower their prices
$
C 4 A - $200
Lower fixed costs
or
lower overhead
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C 4 A - $300
corporations
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C 4 A - $400
Perfect competition
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C 4 A - $500
Limited liability
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C 5 A - $100
economics
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C 5 A - $200
Paradox of value
$
C 5 A - $300
Capital goods
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C 5 A - $400
Marginal
revenue
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C 5 A - $500
Economic
equity
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FJ Topic
Market
structures
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FJ Question
Type of monopoly
based on control of a
manufacturing process
or scientific advance
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FJ Ans
Technological
monopoly
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END OF GAME