Know that Name Factors of What??? MY EconoMY Inflation or Bust Grab Bag Competition

The study of how wealth is created and distributed 10 Know That Name Economics

The study of the decisions made by individuals and businesses Microeconomics 20 Know That Name

The study of the national and global economies Macroeconomics 30 Know That Name

Government decides what will be produced, how it will be produced, and who owns and controls the factors of production. Socialism 40 Know That Name

Monthly index that tracks the prices paid by consumers Consumer Price Index (CPI): 50 Know That Name

Name the Factor of Production: Human resources such as managers and employees Ex: employee knowledge and skills Labor 10 Factors of What??

Name the Factor of Production: Equipment used to produce other goods Ex: money, buildings, tools, machines Capital 20 Factors of What??

Asystem where the basic economic questions are determined, at least to some degree, through centralized government planning is referred to as a A system where the basic economic questions are determined, at least to some degree, through centralized government planning is referred to as a Command Economy 30 Factors of What?

A political system in which private citizens are free to go into business for themselves. They produce whatever they choose, and distribute what they produce Capitalism 40 Factors of What??

What are the four factors of production? Land, Labor, Capital, Entrepreneurship 50 Factors of What??

The total value of a nation's goods or services that have been adjusted for inflation Real Domestic Product 10 MY EconoMY

The average level of output per worker Productivity 20 MY EconoMY

What are the four stages of the business cycle? Peak, Recession, Trough, Recovery 30 MY EconoMY

All goods and services produced within the boundaries of a country Gross Domestic Product (GDP) 40 MY EconoMY

The United States, whose economy exhibits elements of both capitalism and socialism, has what is known as A Mixed Economy 50 MY EconoMY

A general rise in the price of products. Inflation 10 Inflation or Bust

Deflation A general decrease in the price of products. 20 Inflation or Bust

National Debt The total amount the federal government owes 30 Inflation or Bust

business cycle Fluctuations in a nation's economy are referred to as its 40 Inflation or Bust

New products would typically be introduced into the market at which stage of the business cycle? Peak 50 Inflation or Bust

True or False: Perfect competition is characterized by many buyers and many sellers TRUE 10 Competition

True or False: Monopolistic competition is a market situation in which similar but not identical products are available True 20 Competition

A market situation (or industry) in which there are few sellers Oligopoly 30 Competition

A market or industry with only one seller A monopoly 40 Competition

List the four economic questions WHAT goods and services will be produced? HOW will they be produced? FOR WHOM will they be produced? WHO owns and controls the major factors of production? 50 Competition

An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices, is called… Market Economy 10 Grab Bag

The government uses tax dollars to… Purchase resources and products needed to provide services 20 Grab Bag

Examples of command economies include… socialism and communism 30 Grab Bag

If the demand for a product declines, what happens to the price of the product? The price decreases 40 Grab Bag

Public utilities are often referred to as Monopolies 50 Grab Bag

Final Jeopardy Describe how supply and demand affect the price of a product. Describe how supply and demand affect the price of a product. Suppliers supply more product when consumers are willing to pay a higher price. Buyers demand more when a price is low. Shifts in demand and supply can change the price for products.