Jeopardy Economic Decisions Economic Systems Economic Indicators Business Cycle Supply & Demand Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy

$100 Question Things that add to the comfort of our live; sometimes referred to as luxuries

$100 Answer What are wants?

$200 Question Examples include food, water, shelter

$200 Answer What are needs?

$300 Question Tangible objects … things you can see and touch

$300 Answer What are goods?

$400 Question Satisfied through the efforts of others

$400 Answer What are services?

$500 Question Factors of Production

$500 Answer What are natural resources, human resources, and capital resources?

$100 Question The economic questions that define a nation’s economic system

$100 Answer What to produce, how to produce it, and for whom?

$200 Question All economic questions are answered by the government; there are two names for this system

$200 Answer What is a command economy or directed economy?

$300 Question Canada and Sweden are examples of this type of mixed economy

$300 Answer What is socialism?

$400 Question Communism is a mixed economy characterized by government control. List two communist countries in the world today.

$400 Answer What are China, Cuba, or North Korea?

$500 Question Characterized by marketplace competition and no government involvement

$500 Answer What is a market economy?

$100 Question The number of people who are willing & able to work but cannot find a job

$100 Answer What is the unemployment rate?

$200 Question This indicator tells us that the cost of living is getting more expensive

$200 Answer What is inflation?

$300 Question The United States’ rank in the world for GDP as compared to other nations today

$300 Answer What is second?

$400 Question The sum of all goods and services produced within a country in a given year

$400 Answer What is Gross Domestic Product?

$500 Question Definition of Economic Indicators

$500 Answer What are figures used to measure the performance of a nation’s economy?

$100 Question Definition of the Business Cycle

$100 Answer What is the rise and fall of economic activity over time?

$200 Question GDP is increasing, unemployment is decreasing in this stage of the cycle

$200 Answer What is recovery?

$300 Question Also known as a trough, this stage last six months or more

$300 Answer What is depression?

$400 Question GDP is at its highest and unemployment is at its lowest

$400 Answer What is the peak or prosperity?

$500 Question Historically many big businesses begin during this stage … explain why

$500 Answer What is a depression? Entrepreneurs seek a product that consumers need or have never had before.

$100 Question The rivalry that exists between two businesses selling the same product is called this

$100 Answer What is competition?

$200 Question As price increases, quantity also increases

$200 Answer What is the law of supply?

$300 Question When supply is greater than demand, this occurs

$300 Answer What is a surplus?

$400 Question This is the point of maximum profit for producers

$400 Answer What is the equilibrium point?

$500 Question If supply is less than demand, it creates this type of market

$500 Answer What is a sellers’ market?

Final Jeopardy Two or more businesses that offer dissimilar goods or services that may substitute for each other are engaged in this Provide an example (either products or businesses).

Final Jeopardy Answer What is indirect competition?