Jeopardy Vocabulary Circular Flow/Money Economic Systems Demand Supply Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500

$100 Question from Vocabulary. A ______________ is a good/service that can replace another good/service.

$100 Answer from Vocabulary. Substitute

$200 Question from Vocabulary. A______________ is a good/service that is often bought with another good/service.

$200 Answer from Vocabulary. Compliment

$300 Question from Vocabulary. The ______________ _____ ______________ is an inverse relationship between the quantity demanded and price.

$300 Answer from Vocabulary. Law of Demand

$400 Question from Vocabulary. The ______________ ______ ______________ is a positive relationship between the quantity supplied and the price of the product.

$400 Answer from Vocabulary. Law of Supply

$500 Question from Vocabulary. Thi s is the total of all individual demands in a given market at a particular time.

$500 Answer from Vocabulary. Market Demand

$100 Question from Circular Flow/Money. The circular flow model leaves out government, the money that consumers earn and ______________.

$100 Answer from Circular Flow/Money. Investments

$200 Question from Circular Flow/Money. What can be used as money?

$200 Answer from Circular Flow/Money. Anything that can be given a “value”

$300 Question from Circular Flow/Money. What is the definition of “household?”

$300 Answer from Circular Flow/Money. People who participate in the economy and live in the U.S.

$400 Question from Circular Flow/Money. What do the inside arrows represent?

$400 Answer from Circular Flow/Money. Flow of money

$500 Question from Circular Flow/Money. What do the outside arrows represent?

$500 Answer from Circular Flow/Money. Flow of products

$100 Question from Economic Systems. This means that prices do not fluctuate significantly in short periods of time.

$100 Answer from Economic Systems. Price Stability

$200 Question from Economic Systems. This means fairness and impartiality in an economy.

$200 Answer from Economic Systems. Economic Equity

$300 Question from Economic Systems. Because we have _______________ _______________ we are able to make choices of our employment, use of our time, and our purchases.

$300 Answer from Economic Systems. Economic Freedom

$400 Question from Economic Systems. This is the increase in output in an economy during a given year.

$400 Answer from Economic Systems. Economic growth

$500 Question from Economic Systems. This economic concept means that the basic needs of every person should be met.

$500 Answer from Economic Systems. Economic Security

$100 Question from Demand. What is the market demand at $5.00?

$100 Answer from Demand. 20

$200 Question from Demand. What is the market demand at $7.00?

$200 Answer from Demand. 33

$300 Question from Demand. Which is an elastic demand graph? A B C D

$300 Answer from Demand. A

$400 Question from Demand. Which is a non-elastic demand graph? A B C D

$400 Answer from Demand. D

$500 Question from Demand. Does this show an increase or decrease in demand? D1 D2

$500 Answer from Demand. Increase

$100 Question from Supply. Which is an elastic supply graph? A B C D

$100 Answer from Supply. B

$200 Question from Supply. Which is a non-elastic supply graph? A B C D

$200 Answer from Supply. C

$300 Question from Supply. Does this show an increase or decrease in supply? S1 S2

$300 Answer from Supply. Increase

$400 Question Supply. Does this show an increase or decrease in supply? S1 S2

$400 Answer from Supply./ Decrease

$500 Question from Supply. This is the change in cost for each additional output.

$500 Answer from Supply. Marginal Cost