Econ - Jeopardy Charts and Graphs Vocab 2Scenarios 3Vocab 4Vocab 5 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 H1 This is a simple economic model illustrating the flow of goods and services though the economy

$100 Answer from H1 What is the Circular Flow Model?

$200 Question from H1 This graph shows the maximum output that can be gained between two products when all resources are used appropriately

$200 Answer from H1 What is the PPF? PPC? Production Possibilities Frontier? Production Possibilities Curve?

$300 Question from H1 This graph, showing two lines extending diagonally and upwards to the left, is a depiction of

$300 Answer from H1 What is the Demand Curve?

$400 Question from H1 This graph, showing two lines extending diagonally and upwards to the right, is a depiction of

$400 Answer from H1 What is the Supply Curve?

$500 Question from H1 This graph shows that there is

$500 Answer from H1 What is a Decrease in Supply?

$100 Question from H2 Price goes up and demand changes very little if at all.

$100 Answer from H2 What is Inelasticity?

$200 Question from H2 This is the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service

$200 Answer from H2 What is Marginal Benefit?

$300 Question from H2 This is the cost of any activity measured in terms of the value of the next best alternative forgone

$300 Answer from H2 What is Opportunity Cost?

$400 Question from H2 Price goes up and demand goes down

$400 Answer from H2 What is Elasticity?

$500 Question from H2 This Latin phrase means that nothing changes; things remain constant

$500 Answer from H2 What is Ceteris Paribus?

$100 Question from H3 A man was looking at a demand curve and noticed that the arrow moved from one point to the next. The arrow went in an upward direction and to the left.

$100 Answer from H3 What is a Decrease in Quantity demanded? Extra 2 points! What happened to the price?

$200 Question from H3 What in the world? Apple Ipads have jumped from $700 to $1200, surely this will cause two changes.

$200 Answer from H3 What is an Increase in Quantity Supplied? What is a Decrease in Demand?

$300 Question from H3 Flat screen TV’s are not going to be on sale this year on Black Friday. The price will remain the same; however, there has been an increase in people requesting the product.

$300 Answer from H3 What is an Increase in Demand?

$400 Question from H3 Famous rapper Gucci Mane chose to buy three more pairs of True Religion jeans for $300 dollars a piece instead of getting the Ice Cream tattoo removed from his face for $250 per procedure. This procedure will take two sessions with promising results. What is the opportunity cost of purchasing the True Religion jeans?

$400 Answer from H3 What is $500 Dollars?

$500 Question from H3 Although his previous album didn’t sell as much as he though it would, Miguel felt like now that he had made a name for himself, he would continue to keep his first album on the market by supplying more copies without changing the price.

$500 Answer from H3 What is Increase in Supply?

$100 Question from H4 This is the cost of producing one more unit of a good

$100 Answer from H4 What is Marginal Cost?

$200 Question from H4 This is the place where price meets demand

$200 Answer from H4 What is Equilibrium Price?

$300 Question from H4 Market that provides the things needed to produce goods

$300 Answer from H4 What is the Resource Market?

$400 Question from H4 1.Income Effect 2.Substitutes 3.Complements 4.Tastes 5.Expectations 6.Number of Buyers

$400 Answer from H4 What are the Determinants of Change in Demand

$500 Question from H4 This is a government-imposed limit on the price charged for a product.

$500 Answer from H4 What is a Price Ceiling?

$100 Question from H5 This is when there is an excess supply of a product

$100 Answer from H5 What is a Surplus?

$200 Question from H5 This is a government- or group-imposed limit on how low a price can be charged for a product

$200 Answer from H5 What is a Price Floor?

$300 Question from H5 This is when there is a disparity between the amount demanded for a product or service and the amount supplied in a market. In this case- there is an excess in Demand. Hint: Disparity means inequality (not equal)

$300 Answer from H5 What is a Shortage

$400 Question from H5 This is assistance paid to a business or economic sector or producers

$400 Answer from H5 What is a Subsidy?

$500 Question from H5 This is the decrease in the marginal output of a production process as the amount of a single factor of production is increased

$500 Answer from H5 What are Diminishing Returns?

Final Jeopardy This author wrote, “If one man kills another, it murder, but if a hundred thousand men kill another hundred thousand, it is considered an act of glory!?”

Final Jeopardy Answer Who is Tolstoy? (The book is Kingdom of God)