JEOPARDY

Economics Lingo Economic Principles PPF and Opportunity Cost Basic Economic Questions Economic Systems Potpourri $100 $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 $500

Human Resources (Labor) ECONOMICS LINGO $100 Construction workers, sports team athletes, teachers, cashiers, and lawyers are all examples of this type of production resource? Human Resources (Labor)

ECONOMICS LINGO $200 Tools, machines, money, are forms of this type of production resource? Capital Resources

ECONOMICS LINGO $300 The person who has the idea for a product, gathers the factors of production, and usually takes all the risk in the company is called the ... Entrepreneur

Cost-Benefits Analysis ECONOMICS LINGO $400 A way to compare the costs of an action with the benefits of that action (if the benefit exceeds the cost, it’s worth taking the action) Cost-Benefits Analysis

ECONOMICS LINGO $500 Any factor that encourages or motivates a person to do something or not do something. Incentive

ECONOMIC PRINCIPLES $100 When we weigh the pros and cons of going to college or going straight into the workforce, we are applying this economic principle. Cost vs. Benefits

Scarcity Forces Tradeoffs ECONOMIC PRINCIPLES $200 This principle says because are resources limited, we have to make choose which needs and wants to satisfy. Scarcity Forces Tradeoffs

People Respond to Incentives  ECONOMIC PRINCIPLES $300 Virginia Beach police put a police officer with a radar gun on Dam Neck Rd. because they know it is a common place for people to speed. What principle is this? People Respond to Incentives

Markets Coordinate to Trade ECONOMIC PRINCIPLES $400 Jane specializes in making custom handbags. She takes her bags to a gift shop in the mall and gives the owner 5% of every sale. This illustrates this principle. Markets Coordinate to Trade

ECONOMIC PRINCIPLES $500 When you have to look at the cost of adding another 25 wallets in your senior pictures order, you are applying this principle. Thinking at the Margin

PPF & OPPORTUNITY COST$100 The line on a graph that shows an economy’s maximum possible output Production Possibility Frontier (Curve)

PPF & OPPORTUNITY COST$200 When an economy shift from producing more of one good/service, it must produce less of the other. This is known as… Opportunity Cost

PPF & OPPORTUNITY COST$300 Which production point shows inefficent production possibility? Point A

PPF & OPPORTUNITY COST$400 Which production point shows an impossible production possibility? Point X

PPF & OPPORTUNITY COST $500 At point D, what is the opportunity cost to Produce 500 capital goods? 10 Consumer goods

BASIC ECONOMIC QUESTIONS $100 Every economic system must answer how many basic questions? Three

BASIC ECONOMIC QUESTIONS $200 What is the FIRST basic question every economic system must address? What will be produced?

BASIC ECONOMIC QUESTIONS$300 What is the SECOND basic question every economic system must address? How will it be produced?

BASIC ECONOMIC QUESTIONS $400 What is the THIRD basic question every economic system must address? For whom will it be produced? How much?

(growth, stability, security, etc.) BASIC ECONOMIC QUESTIONS $500 How an economic system answers the basic economic questions depends on what? Their economic goals (growth, stability, security, etc.)

ECONOMIC SYSTEMS $100 In this economic system, the basic economic questions are answered by how things have always been done in the past. Traditional Economy

ECONOMIC SYSTEMS $200 There is minimal government interference in this type of economy. Competition and profit motivate producers, there is private ownership of property/resources, and consumer sovereignty. Free Market Economy

ECONOMIC SYSTEMS $300 Central planning of the economy happens in this system. There is limited consumer choice. Command Economy

ECONOMIC SYSTEMS $400 In this economy businesses make decisions for the private sector, and government makes decisions for the public sector, as well as guides and regulates the economy. Mixed Economy

The most common type of economic system in the world. ECONOMIC SYSTEMS $500 The most common type of economic system in the world. Mixed Economy

The type of opportunity cost illustrated in this PPF. POTPOURRI $100 The type of opportunity cost illustrated in this PPF. Constant

POTPOURRI $200 Jane cannot grow her own vegetables because she lives in an apartment. Fortunately, she doesn’t have to live without veggies because she can buy them at her grocery store. What principle does this explain? Trade Makes People Better Off

POTPOURRI $300 A greater government role than in a free market economy, is found in __________. Mixed Economy

The law that explains why this PPF is bowed out/curved… POTPOURRI $400 The law that explains why this PPF is bowed out/curved… Law of increasing opportunity cost

Future Consequences Count POTPOURRI $500 When an economy looks at the impact raising business taxes has on producers’ ability to grow their business, this illustrates what economic principle? Future Consequences Count