Economic Review Jeopardy

Directions Using your mouse click on the slide to get to the appropriate category. Once you have clicked on the category use the mouse to reveal the answers. At the point where the answers are exposed, use the mouse pointer and click on the house at the bottom of the page. This will take you back to the main jeopardy menu. Each question is worth the amount of points listed

Basic StuffDecisions! Economic Systems Parts of the Economy Various Supply Demand 20

(20)‏ What are the three central questions of economics?

(20)‏ What, How and for Whom to produce

(40)‏ This is the cost of your next best option.

(40)‏ Opportunity cost

(60)‏ A cost benefit analysis compares __________ ________ and ________ ________.

Marginal costs and marginal benefits (60)‏

(80)‏ Which of the following is a capital good? Hammer, HD TV, Table, Security Box

(80)‏ Hammer!

___________ forces people to make decisions about how their resources are used. (100)‏

Scarcity

________ are physical products. _________ are performed for others. (20)‏

Goods / Services

(40)‏ __________ costs change with the amount of business that you do.

(40)‏ Variable

(60)‏

This is the cost of a specific action, or one extra unit of business.

(60)‏ Marginal Cost

(80)‏ What is a rational decision?

(80)‏ Deciding to do something when the benefits outweigh the costs.

(100)‏ What is division of labor? What is its purpose?

(100)‏ Breaking a job into separate parts to increase productivity

(20)‏ What is a free enterprise economy?

(20)‏ An economy with a minimum of government interference

(40)‏ The government owns the factors of production in this type of economy.

(40)‏ Command Economy

(60)‏ What is the standard of living?

(60)‏ The quality of life based on the possession of necessities and luxuries.

(80)‏ This is your income after taxes and necessities have been paid for.

(80)‏ Discretionary Income.

(100)‏ Which type of dinosaur blinded and ate Denis Nedry in Jurassic Park?

(100)‏ A Dilophosaurus. And it was way awesome.

(20)‏ What are the four factors of production?

(20)‏ Natural resources, labor, capital and entrepreneur

(40)‏ This factor of production represents creativity and ambition.

Entrepreneur (40)‏

(60)‏ This type of company limits competition and their substitutes.

(60)‏ A Monopoly

(80)‏ In which market do consumers spend their income?

(80)‏ Product Market

(100)‏ What are the 5 boxes in the economic flow chart?

(100)‏ Consumer, Factor Market, Businesses, Product Market and Foreign Countries

(20)‏ This type of good might be used instead of yours.

(20)‏ Substitute

(40)‏ When price rises, supply ___________.

(40)‏ Rises

(60)‏ If there is a surplus, then the price is probably too ________.

(60)‏ High

(80)‏ What types of goods have a very elastic demand?

Wants, Items with lots of substitutes, Expensive items (80)‏

(100)‏ If the government raises the minimum wage, how will price react?

(100)‏ It will probably increase

(20)‏ What is supply?

(20)‏ How many products companies want to create.

(40)‏ Which way does the supply curve slope?

(40)‏ Up and to the right.

(60)‏

Why would the demand curve shift to the right?

(60)‏ Because of an increase in demand

(80)‏ Where in the graph does price naturally move?

(80)‏ Toward equilibrium

(100)‏ What are the 5 of the 7 reasons that demand might change?

(100)‏ # of consumers, Consumer income, Consumer taste, Consumer expectations, Compliments and Substitutes.

FinalJeopardy

Why is it rare for fully industrialized nations to start shooting at each other?

Specialized economies lead to economic interdependence – generally a bad idea to start killing the people you need to survive.

The End