Jeopardy: Unit I BACK TO BASICS MEGA MODELS GO TO GOAL3 OF A KINDMERGER MANIA

What are the three basic questions every economy must answer? A

Define “economics” B

List 3 examples of capital C

Explain the difference between durable and non-durable goods D

The situation in which some necessities have little or no value, while some non-necessities have a much higher value is known as _________________________ E

The economic model showing the flow of goods and services as well as the flow of money in our economy is known as the ___________________________ F

What market do consumers shop in? What market do producers shop in? G

A diagram illustrating the concept of opportunity cost, by contrasting the production of two competing goods is known as _________________________ H

Why do economists use economic models? I

Explain the difference between trade-off and opportunity cost. J

Consumers have the freedom to decide how to spend their income. What socioeconomic goal is represented by this? K

FDIC, Social Security, and Unemployment Insurance all represent the socioeconomic goal of ______________________. L

The progressive income tax and minimum wage are examples of what socioeconomic goal? M

Who makes the decisions in - a traditional economy? - a command economy? - a market economy? N

What is the correct term for the type of economy the United States has? O

Which type of business accounts for almost ¾ of all businesses in the United States? P

Which type of businesses account for almost 90% of all sales of goods and services in the United States? Q

Unlimited liability, quick decisions, and not having to share the profits are characteristics of what type of business? R

A type of business that can have two or more partners and can either be limited or general is known as ___________________ S

List the three types of business organizations and give 1 disadvantage of each. T

List 2 reasons why mergers occur U

Explain what a multinational company is. Give 1 example. V

What is a conglomerate? Give 1 example. W

Create a horizontal merger that includes at least 4 companies X

Create a vertical merger that includes at least 4 companies Y