Economics Jeopardy Types of Economies & basic terms Supply & Demand Competition, Business, & Labor Stocks & SavingEconomic Indicators

10 points Define “economics.”

20 points This basic problem of economics is caused by combining our unlimited demand for our wants and needs with what else?

30 points When you put a value on an object, what will help determine the value the least? A.Usefulness of the object B.Scarcity of the object C.Smell of the object

40 points What name is applied to the US capitalist economy?

50 points What man predicted in “The Communist Manifesto” that at some point, the poor would rise above the rich and take what they have and give it to everyone, creating a new type of economy?

10 points According to the Law of Demand, when demand increases, what will happen to prices for goods demanded?

20 points In a supply curve or a demand curve, what shift will occur when there is a decrease in either supply or demand?

30 points A Ford F150 pickup truck and 4 Firestone tires would be what type of goods? Complementary or substitute?

40 points Looking at the curve on the board, how big will a surplus be for pizza, if $13 is charged?

Daily Double If you were to study your business to decide how many workers you should hire, what would the name of the “study” or analysis be?

10 points When there is no competition for a business and there is no sign that any business could grow to compete, you will see the rise of this.

20 points Crystal Genaux finds that she is not able to purchase a soda anywhere in town. No business will sell her one even if she offers far more money than the soda is worth. These community businesses are doing what illegal activity?

30 points If Nintendo were to merge their videogame business with GameStop stores, what type of merger would this be?

40 points When a labor union is actively negotiating a contract for all employees with a business/employer, what is the union doing?

50 points It is illegal for teacher unions to strike to the point where school cannot be completed by June 30 th. Therefore, judges often put an end to teacher strikes by filing what?

10 points When the Dow Jones Ind. Average is consistently going down over a period of time, what type of market are we in?

20 points At what point are you allowed to turn in a savings bond for full value?

30 points A 401k and an IRA are these types of plan that most professional Americans have.

40 points In the US stock markets, most newer, smaller, or weaker companies are sold in this “acronymic” stock exchange.

50 points If you owned 500 shares of a stock and it split 2 different times, how many shares will you own after both splits?

10 points When the Federal Reserve puts this monetary policy in place, they are attempting to slow down consumer spending and stop inflation.

20 points When the government gives tax breaks to richer business owners with the intent that they will spend their savings on their businesses, what is the type of tax policy they’d be putting in place?

30 points When inflation is becoming an issue, what will the Federal Reserve often do to interest rates?

40 points In order for the US to officially enter a recession, what number or statistic MUST go down for at least 2 business quarters?

50 points C+I+G+X-M=GDP Why do you subtract “M”?