You will be given the answer. You must give the correct question. Jeopardy Choose a category. You will be given the answer. You must give the correct question. Click to begin.

Click here for Final Jeopardy Choose a point value. Choose a point value. Click here for Final Jeopardy

Micro- economics Markets Markets & Types of Businesses Misc. 10 Point Fundamental Economics Micro- economics Markets Markets & Types of Businesses Misc. 10 Point 10 Point 10 Point 10 Point 10 Point 20 Points 20 Points 20 Points 20 Points 20 Points 30 Points 30 Points 30 Points 30 Points 30 Points 40 Points 40 Points 40 Points 40 Points 40 Points 50 Points 50 Points 50 Points 50 Points 50 Points

This is the lack of adequate resources to obtain all of one’s wants

This is the money that producers make after they have paid for all of their costs.

Ownership of the means of production and most property rests with this entity in a command economy

These are weaknesses of a market economy (name two)

These are ways in which the government tries to regulate the economy (name three)

When supply exceeds demand, this will result

This is where companies sell their goods to consumers for final consumption

There are at least six factors that can change the demand for a product or service; name three

This is the sensitivity of price to supply and demand and its tendency to fluctuate as supply and demand change

This is where producers find the capital, labor, and land needed to run their businesses

This is a minimum price below which the price of a good or service is not allowed to drop (creates a surplus)

These are the criteria for a market the features pure competition (name all four)

This is the main factor that differentiates a pure competition market from monopolistic competition.

This is the maximum price above which the price of a good is not permitted to rise (creates a shortage)

This is a market in which there is only one producer of a given good or service and there are no adequate substitutes.

This type of business is easy to start and allows flexible decision-making, but owners have unlimited liability

This business organization allows two or more people to pool their resources and share the risks and profits

This is a legal entity with shareholders who enjoy limited liability but who are subject to double taxation

This is a way for companies to raise money without giving up ownership shares

This market structure prevents perfect competition with only a few producers who can affect the price of a product

A company that pays for tuition for its employee’s education and training is investing in this

Educated employees tend to enjoy a higher overall _________ than less educated workers

These are used to make other goods or provide services

This is using resources that could bring immediate benefits for the purpose of gaining greater benefits at a later time

This is the amount of money a borrower pays to a lender in exchange for the use of that lender’s money

Final Jeopardy Make your wager

There are at least seven factors that can change the supply of a product or service; name three

What is scarcity?

What is profits?

What is government?

Less security for businesses and workers Income inequality What is Less security for businesses and workers Income inequality Greater risk of failure No guarantee of jobs or income Public goods and services are not available for those who are not successful in the marketplace?

Trade restrictions (e.g., tariffs, subsidies) What are Trade restrictions (e.g., tariffs, subsidies) Intervention to resolve market failures Environmental regulations Monetary policy Workplace safety Consumer protection?

What is a surplus?

What is the product market?

Consumer expectations What are Consumer income Consumer tastes Number of consumers Consumer expectations Price of substitutes Price of complements?

What is elasticity?

What is the factor market?

What is a price floor?

What are Large # of buyers and sellers Identical products No barriers to entering the market Free exchange of price information for consumers and producers

What is product differentiation?

What is a price ceiling?

What is a monopoly?

What is a sole proprietorship What is a sole proprietorship? (which is also hard to finance and has a limited life)

What is a partnership?

What is a corporation?

What are bonds?

What is an oligopoly?

What is human capital?

What is standard of living?

What are capital goods?

What is investment?

What is interest?

Government regulations What are: Cost of resources Productivity Technology Taxes & subsidies Expectations Government regulations Number of sellers