Economics Review Jeopardy What is Economics? Economic Systems Demand & Supply Consumer 1st Half Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy

$100 Question from What is Economics A company’s office building is an example of what type of factor of production?

$100 Answer from What is Economics Capital

$200 Question from What is Economics True or False. Temporary workers are an example of labor.

$200 Answer from What is Economics True

$300 Question from What is Economics What is the most basic problem of economics?

$300 Answer from What is Economics Scarcity

$400 Question from What is Economics Combining land, labor, and capital make resources _____ valuable.

$400 Answer from What is Economics More

$500 Question from What is Economics What are the five factors of production?

$500 Answer from What is Economics Land, labor, capital, entrepreneurship, and technology

$100 Question from Economic Systems True or False. In a command economy, economic decisions are made by individuals.

$100 Answer from Economic Systems False

$200 Question from Economic Systems It is easier to start your own business in a _________ economy.

$200 Answer from Economic Systems Free Enterprise OR Capitalist OR Laissez-faire

$300 Question from Economic Systems Name two countries with a command economy.

$300 Answer from Economic Systems North Korea, Nazi Germany

$400 Question from Economic Systems In a capitalist system, most property is ________ property.

$400 Answer from Economic Systems Private

$500 Question from Economic Systems What are the three basic economic questions answered by all economies?

$500 Answer from Economic Systems What to produce? How to produce? For whom to produce?

$100 Question from Demand and Supply According to the law of demand, if price goes up, the quantity demanded will _________.

$100 Answer from Demand and Supply Decrease (go down)

$200 Question from Demand and Supply According to the law of supply, higher prices prompt producers to ___________.

$200 Answer from Demand and Supply Produce More

$300 Question from Demand and Supply When the price of a good is too high for consumers, they look for _____ goods.

$300 Answer from Demand and Supply Substitute

$400 Question from Demand and Supply Demand for one particular brand of coffee is probably (elastic or inelastic).

$400 Answer from Demand and Supply Elastic

$500 Question from Demand and Supply What is the principle that states that the more you have of something, the less satisfaction you will get from an additional unit?

$500 Answer from Demand and Supply Law of Diminishing Marginal Utility

$100 Question from Consumer What is the term for anyone who buys or uses a good or service?

$100 Answer from Consumer Consumer

$200 Question from Consumer What is a promise to repair or replace a faulty product within a certain time?

$200 Answer from Consumer Warranty

$300 Question from Consumer Every purchase decision involves the use of what two scarce resources?

$300 Answer from Consumer Time and Income

$400 Question from Consumer What is the term for money people have left after they have paid their taxes?

$400 Answer from Consumer Discretionary Income

$500 Question from Consumer Name the five consumer rights.

$500 Answer from Consumer Right to choose Right to be informed Right to be heard Right to redress Right to safety

$100 Question from First Half “Bait and Switch” is an example of _____ advertising.

$100 Answer from First Half Deceptive

$200 Question from First Half Scarcity exists because people's needs and wants are _________.

$200 Answer from First Half Unlimited

$300 Question from First Half What is most influential aspect of a product or service?

$300 Answer from First Half Price

$400 Question from First Half What is the term for the legal maximum that may be charged for a particular good or service?

$400 Answer from First Half Price Ceiling

$500 Question from First Half What is a graph showing the maximum combination of goods and services that can be produced from a fixed amount of resources?

$500 Answer from First Half Production Possibilities Curve

Final Jeopardy What is the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants?

Final Jeopardy Answer Economics