Chapter 3 Review Hosted by Mrs. Piotrowski Jeopardy Chapter 3 Review Hosted by Mrs. Piotrowski

Economy 1 Economy 2 Economy 3 Economy 4 F I n a l J e o p a r d y 100 100 100 100 200 200 200 200 300 300 300 300 400 400 400 400 500 500 500 500

What is the basic economic problem? scarcity Row 1, Col 1

What is the type of economic system where the resources and decisions are shared between the government and other groups or individuals. Mixed Economy Row 2, Col 1

Free Economy Private/Free Enterprise What is the economic system where decisions are made independently with no attempt at government regulation or control called? Free Economy Private/Free Enterprise Row 3, Col 1

Free Economy(Enterprise) What are the 3 different types of economic systems called? Controlled Mixed Free Economy(Enterprise) Row 4, Col 1

  What does unlimited wants and needs, combined with limited resources result in? Scarcity Row 5, Col 1

Free Economy, Private Enterprise, Free Enterprise, Market Economy The U.S. economic system is often called a number of things, name at least 3 of them. Free Economy, Private Enterprise, Free Enterprise, Market Economy Row 1, Col 2

What is the use of resources to obtain the greatest profit called? Profit Motive Row 2, Col 2

What are two reasons why the government would interfere in business. When there is a chance of a monopoly or if a product would harm people Row 3, Col 2

Name 2 artists that Mrs. Piotrowski has on her ipod Daily Double Decide on your wager, and have the team captain tell Mrs. P. Name 2 artists that Mrs. Piotrowski has on her ipod Answers will vary

What is the study of the economic behavior and relationships of an entire society called? Macroeconomics Row 5, Col 2

The place where the supply curve and demand curve intersect is called the _______ Market Price Row 1, Col 3

A graph of the relationship between price and quantity wanted. Demand Curve Row 2, Col 3

What are the 4 parts of the Marketing Mix? Daily Double Decide on your wager, and have the team captain tell Mrs. P. What are the 4 parts of the Marketing Mix? Product, Price, Place, Promotion

All the consumers who will purchase a particular product or service. Economic Market Row 3, Col 3

What is the creation and maintenance of satisfying exchange relationships called? Marketing Row 4, Col 3

Who creates demand? Consumers Row 1, Col 3

What is it called… when the price of a product is increased, less will be demanded and when the price is decreased, more will be demanded. Law of demand Row 1, Col 4

Who creates supply? Producers Row 2, Col 4

List 3 of Mrs. Piotrowski’s past jobs/careers Daily Double Decide on your wager, and have the team captain tell Mrs. P. List 3 of Mrs. Piotrowski’s past jobs/careers Answers will vary

As the price increases, producers will manufacture more of a product. As the price goes down, fewer will be manufactured..what is this called? Law of supply Row 4, Col 4

List 3 things that affect supply. The possibility of profit The amount of competition The capability of developing and marketing the products or services. Row 4, Col 4