Directions to create Jeopardy Game Open template Save As (whatever title you choose) File open Type in categories by clicking on the text box Use the scroll bar to scroll to the Question & Answer slides Create a question to fit in each valued box for each category Directions to play Jeopardy Slide show--view show Click mouse until Jeopardy music plays Slowly click categories onto the screen Wait until the music stops playing Cave students select questions in a specific category and for a specific dollar amount Click on the selected question Click mouse again to view the answer Click on the icon head in the bottom left hand corner to return to the main menu board

Economics Final Exam Review Very Important Stufffor Final 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 C1 Limited quantities of resources to meet unlimited wants

$100 Answer from C1 Scarcity *This is the most basic problem in economics.

$200 Question from C1 Natural resources that are used to make Goods and services. (one of the four factors of production)

$200 Answer from C1 Land

$300 Question from C1 What is the formula used to calculate Gross Domestic Product?

$300 Answer from C1 C + I + G + (X-M) = GDP C= Consumption – Consumer spending on good and services I = Investment – Business spending G = Government spending X = Exports M = Imports

$400 Question from C1 Calculate the GDP when Consumer Goods = 1,000 Business Spending = 5,000 Government Spending = 3,000 Imports = 1,000 Exports = 1,500

$400 Answer from C1 GDP = 9,500

$500 Question from C1 The most desirable alternative given up as the result of a decision

$500 Answer from C1 Opportunity Cost

$100 Question from C2 The following chart shows the quantity of TV’s or Computers that can be produced by each county if all of its resources are devoted to that product. ProductCountry XCountry Y Televisions10075 Computers5025 What is Country X’s opportunity cost for each Television?

$100 Answer from C2 One half of a computer

$200 Question from C2 The following chart shows the quantity of TV’s or Computers that can be produced by each county if all of its resources are devoted to that product. ProductCountry XCountry Y Televisions10075 Computers5025 What is Country Y’s opportunity cost of each computer?

$200 Answer from C2 3 Televisions

$300 Question from C2 ProductCountry XCountry Y Televisions10075 Computers5025 Which Country has the absolute advantage in the production of televisions and computers

$300 Answer from C2 Country X

$400 Question from C2 ProductCountry XCountry Y Televisions10075 Computers5025 Which country has the comparative advantage in the production of televisions?

$400 Answer from C2 Country Y – they give up 1/3 of A computer. Country X gives up ½ of a computer ProductCountry XCountry Y Televisions10075 Computers5025

$500 Question from C2 The person who assumes the risk and uncertainties of owning a business

$500 Answer from C2 Entrepreneur

$100 Question from C3 Direct payments of money to poor, disabled, and retired people

$100 Answer from C3 Cash Transfer Payment – (also known as redistribution programs)

$200 Question from C3 What are the three basic economic questions that every society has to answer.

$200 Answer from C3 What to produce? How to produce it? For whom it is produced?

$300 Question from C3 The demand curve shows the relationship between what two variables?

$300 Answer from C3 Price and Quantity Demanded

$400 Question from C3 A tax that takes a higher percentage of lower incomes than higher incomes such as the sales tax.

$400 Answer from C3 Regressive Tax

$500 Question from C3 The Federal government’s use of taxation and spending to influence the economy

$500 Answer from C3 Fiscal Policy

$100 Question from C4 When a country can produce more of a particular product than another country with the same amount of resources

$100 Answer from C4 Absolute Advantage

$200 Question from C4 A tax on imported goods

$200 Answer from C4 Tariff

$300 Question from C4 Where can foreign currencies be converted?.

$300 Answer from C4 Foreign Exchange Markets

$400 Question from C4 If an nation’s currency becomes weak, will their goods be more or less expensive to other countries?

$400 Answer from C4 Less Expensive – they will probably export more goods

$500 Question from C4 What is NAFTA? (what three countries are involved)

$500 Answer from C4 Trade agreement between the U.S., Canada and Mexico – lowered trade Restrictions.

$100 Question from C5 If the “Fed” wants to increase economic Growth do they use a tight or loose money Policy?

$100 Answer from C5 Loose Money Policy

$200 Question from C5 In a command economic system, who answers the three basic economic questions?

$200 Answer from C5 Government

$300 Question from C5 An investment that pools the money of many individuals to buy stocks, bonds, or other investment?

$300 Answer from C5 Mutual Fund

$400 Question from C5 In what type of a market structure do a few large firms dominate the market?

$400 Answer from C5 Oligopoly

$500 Question from C5 The consumer is “sovereign” best Describes which market system? Socialism, capitalism, communism, Marxism?

$500 Answer from C5 Capitalism

Final Jeopardy What does it mean to think at the margin? Give an example

Final Jeopardy Answer Deciding whether or not to use one additional unit of some resource.