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Economic Systems Entrepreneur/ globalization Basic Economics Free Enterprise Profit /Losses Random
What are the two main economic systems? A 100
Free Enterprise and Socialism A 100
What is the most common type of economy? A 200
Mixed Economy A 200
Who believed all people are led by an “invisible hand”? A 300
Adam Smith A 300
Who created the Labor theory of value? A 400
Karl Marx A 400
What are 3 of the 6 major differences between a Free Enterprise and Socialist Economy? A 500
Resources, Governments role, Economic plans, Income distribution, Controlling prices, and Private property A 500
What is an entrepreneur? B 100
Someone with a special talent for searching out and taking advantage of business opportunities, as well as developing new products and new ways of doing things B 100
Who benefits when an entrepreneur is successful? B 200
Everyone (maybe not the competition) B 200
What does offshoring mean? B 300
Hiring people in other countries to do work at a cheaper wage B 300
List two reasons why globalization is happening? B 400
There are a lot… B 400
An increase in technology and resources leads to the P.P.F. moving which way? B 500
Right or out B 500
What is the definition of opportunity cost? C 100
The most valued alternative you give up in order to do something else. C 100
What is the definition of scarcity? C 200
Condition in which our wants are greater than the resources available to satisfy them. C 200
What does a P.P.F. show? C 300
All possible combinations of two goods that an economy can produce in a certain period of time. C 300
DAILY DOUBLE C 400 DAILY DOUBLE Place A Wager
The branch of economics that deals with human behavior and choices as they relate to relatively small units (example: examining one tree in an entire forest) is considered what? C 400
Microeconomics C 400
A good that is able to be touch or felt is called a what? C 500
Tangible good C 500
What are the five features of a Free Enterprise? D 100
Private Property, Choice, Voluntary Exchange, Competition, and Economic incentives D 100
What are the three sectors of the Circular Flow Diagram? D 200
business, government, and household D 200
What is the definition of public property? D 300
Any good that is owned by the government D 300
From the circular flow chart, which two sectors pay taxes and to who do they pay those taxes? D 400
1.Pay: households and business 2.They pay them to the government D 400
From the circular flow chart, who do households sell resources to? D 500
Businesses D 500
What is the equation for Total Revenue? E 100
TR= profit of good x number of units sold E 100
When does a loss occur? E 200
When total cost exceeds total revenue E 200
What is the equation for profit? E 300
Profit = TR > TC E 300
What are the two “signals” profit and loss send? E 400
1.Signals firms who are actually earning the profits or taking the losses. 2.Signals to firms standing on the sidelines E 400
If I was to make 500 units of gum and sell them for $2 apiece, but it cost me $.10/unit of gum to produce what is my profit? E 500
$950 Production= 500 x $.1=$50 TR= 2$ x 500=$1,000 $1,000-$50=$950 E 500
What are the four types of resources? F 100
Land, Labor, Capital, and Entrepreneurship F 100
A truck is an example of which of the 4 resources? F 200
Capital, because it is a produced good that can be used as a resource for further production. F 200
What countries have to decide which goods to produce? F 300
Every single one because of scarcity F 300
What are the three economic questions all economies must ask? F 400
1.What goods will be produced? 2.How will those goods be produced? 3. For whom will the goods be produced? F 400
The terms labor and entrepreneurship mean the same thing true/false? F 500
False F 500
The Final Jeopardy Category is: Economic Systems Please record your wager. Click on screen to begin
Under what economy is private property sacred? Click on screen to continue
Free Enterprise Click on screen to continue
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