Unit 1 Review
THE RULES: Instructor/Host’s decisions are FINAL
Mrs. Yeomans and Mrs. Foster!! And now…here is the host of Jeopardy… Mrs. Yeomans and Mrs. Foster!!
Let’s Get Ready to play… Today’s Categories are:
Basic Economics
Resources
Social and Economic Goals
Economic Systems
Miscellaneous
Basic Economics Resources Social and Economic goals Economic Systems Miscellaneous $100 $100 $100 $100 $100 FJ $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 DD $500 $500 $500 $500 $500
Having to choose between two options is known as making a Answer…
The answer is trade-off! 100
. The most fundamental problem in economics is ____________, where unlimited wants exceed limited resources. Answer…
The answer is scarcity 200
A physical object that can be purchased is called a __________ and something you do for someone else is called a _______? Answer…
The answer is good, service 300
I can not do two things at once so I have to choose what to do I can not do two things at once so I have to choose what to do. The item I do NOT choose is known as this. Answer…
The answer is opportunity cost 400
Making the best use of productive resources is known as being what? Answer…
The answer is…efficient 500
What are the 3 questions every economic system asks when deciding how to use resources? Answer…
The answer is What to produce, How to produce, and for Whom to produce 100
Water, coal, and iron are examples of what type of resource? Answer…
The answer is natural or land resource. 200
Organizational abilities and risk taking are examples of what type of resource? Answer…
The answer is entrepreneurship. 300
Buildings, structures, and machinery used in the production process are known as this? Answer…
The answer is capital resources. 400
What does the X axis respresent and what does the Y-axis represent on the PPC? Answer…
The answer is X-axis (consumer goods “butter”) Y-axis (capital goods “guns”) 500
The economic goal concerned with making sure people are protected from unexpected risk? Answer…
The answer is economic security 100
The economic goal concerned with making sure people can make their own choices Answer…
The answer is economic freedom 200
The economic goal concerned with ensuring all people have access to the same opportunities and goods and services. Answer…
The answer is economic equity 300
Economic efficiency is stressed in what economic system? Answer…
The answer is market. 400
What does it mean to have an efficient economy? Answer…
The answer is…uses its resources to make the most goods and services 500
An economic system in which central planners answer the three basic economic questions
The answer is…. Command system 100
The type of economic system determined by customs. Answer…
The answer is traditional economic system. 200
Questions are answered by producers and consumers in the type of economic system that the U.S. has
The answer is market 300
A type of system that combines all elements of the pure economic models- the most common one you really see today Answer…
The answer is… mixed 400
What economic goals are stressed in a market system? Answer…
The answer is… Economic freedom, efficiency, security, and growth 500
What is the purpose of a production possibilities curve? Answer…
The answer is….show alternative ways for an economy to use its resources 100
When talking about a command economy, “central planners” is another way of saying _____________. Answer…
The answer is government 200
What is the difference between scarcity and shortage? Answer…
. The answer is.. Scarcity- permanent, limited resources to meet unlimited wants Shortage- temporary, occurs when a good or service is unavailable 300
Give an example of human capital Answer…
Answers could include… The knowledge a doctor learned in medical school The knowledge Ms. Yeomans and Mrs. Foster learned at UGA to be a teacher 400
On a production PPC, you may see underutilization of resources, what does this mean? (teachers draws this point in) Answer…
The answer is…. They are not producing as many goods as they could Also….what might cause this? 500
Daily Double How much do you want to wager? Daily Double
FINAL JEOPARDY
CATEGORY: How much do you want to wager? Proceed…
Proceed…
Proceed…
Thanks for PLAYING!