Transcript File

Econ - Jeopardy
Charts
Vocab 2
Scenarios 3 Vocab 4
Vocab 5
and Graphs
Q $100
Q $100
Q $100
Q $100
Q $100
Q $200
Q $200
Q $200
Q $200
Q $200
Q $300
Q $300
Q $300
Q $300
Q $300
Q $400
Q $400
Q $400
Q $400
Q $400
Q $500
Q $500
Q $500
Q $500
Q $500
Final Jeopardy
$100 Question from H1
This is a simple economic
model illustrating the flow of
goods and services though the
economy
$100 Answer from H1
What is the Circular Flow Model?
$200 Question from H1
This graph shows the maximum output
that can be gained between
two products when all resources
are used appropriately
$200 Answer from H1
What is the
PPF?
PPC?
Production Possibilities Frontier?
Production Possibilities Curve?
$300 Question from H1
This graph, showing two lines
extending diagonally and upwards
to the left, is a depiction of
$300 Answer from H1
What is the Demand Curve?
$400 Question from H1
This graph, showing two lines
extending diagonally and upwards
to the right, is a depiction of
$400 Answer from H1
What is the Supply Curve?
$500 Question from H1
This graph shows that there is
$500 Answer from H1
What is a Decrease in Supply?
$100 Question from H2
Price goes up and demand
changes very little if at all.
$100 Answer from H2
What is Inelasticity?
$200 Question from H2
This is the additional satisfaction or utility that a
person receives from consuming an additional
unit of a good or service
$200 Answer from H2
What is Marginal Benefit?
$300 Question from H2
This is the cost of any activity measured in
terms of the value of the next best alternative
forgone
$300 Answer from H2
What is Opportunity Cost?
$400 Question from H2
Price goes up and demand goes down
$400 Answer from H2
What is Elasticity?
$500 Question from H2
This Latin phrase means that nothing
changes; things remain constant
$500 Answer from H2
What is Ceteris Paribus?
$100 Question from H3
A man was looking at a demand curve
and noticed that the arrow moved from
one point to the next. The arrow went in an
upward direction and to the left.
$100 Answer from H3
What is a Decrease in
Quantity demanded?
Extra 2 points! What happened to
the price?
$200 Question from H3
What in the world?
Apple Ipads have jumped from $700 to $1200,
surely this will cause two changes.
$200 Answer from H3
What is an Increase in Quantity Supplied?
What is a Decrease in Demand?
$300 Question from H3
Flat screen TV’s are not going to be on
sale this year on Black Friday. The
price will remain the same; however,
there has been an increase in people
requesting the product.
$300 Answer from H3
What is an Increase in
Demand?
$400 Question from H3
Famous rapper Gucci Mane chose to buy three
more pairs of True Religion jeans for $300 dollars
a piece instead of getting the Ice Cream tattoo
removed from his face for $250 per procedure.
This procedure will take two sessions with
promising results. What is the opportunity cost of
purchasing the True Religion jeans?
$400 Answer from H3
What is $500 Dollars?
$500 Question from H3
Although his previous album didn’t
sell as much as he though it would,
Miguel felt like now that he had made a name
for himself, he would continue to keep his
first album on the market by supplying
more copies without changing the price.
$500 Answer from H3
What is Increase in Supply?
$100 Question from H4
This is the cost of producing one more unit of a good
$100 Answer from H4
What is Marginal Cost?
$200 Question from H4
This is the place where price
meets demand
$200 Answer from H4
What is Equilibrium Price?
$300 Question from H4
Market that provides the things
needed to produce goods
$300 Answer from H4
What is the Resource Market?
$400 Question from H4
1. Income Effect
2. Substitutes
3. Complements
4. Tastes
5. Expectations
6. Number of Buyers
$400 Answer from H4
What are the Determinants
of Change in Demand
$500 Question from H4
This is a government-imposed limit on the price charged
for a product.
$500 Answer from H4
What is a Price Ceiling?
$100 Question from H5
This is when there is an excess supply of a product
$100 Answer from H5
What is a Surplus?
$200 Question from H5
This is a government- or group-imposed
limit on how low a price can be charged for a product
$200 Answer from H5
What is a Price Floor?
$300 Question from H5
This is when there is a disparity between the amount
demanded for a product or service and the amount
supplied in a market. In this case- there is an excess in
Demand.
Hint: Disparity means inequality (not equal)
$300 Answer from H5
What is a Shortage
$400 Question from H5
This is assistance paid to a business
or economic sector or producers
$400 Answer from H5
What is a Subsidy?
$500 Question from H5
This is the decrease in the marginal output
of a production process as the amount of a single
factor of production is increased
$500 Answer from H5
What are Diminishing Returns?
Final Jeopardy
This author wrote, “If one man kills another,
it murder, but if a hundred thousand men kill
another hundred thousand, it is considered an
act of glory!?”
Final Jeopardy Answer
Who is Tolstoy?
(The book is
Kingdom of God)