2. Jeopardy Basic ConceptsS/DS/D2Markets Misc. Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy

3. $100 Question from Basics The economic problem all societies face

4. $100 Answer from Basics What is a scarcity?

5. $200 Question from Basics I want to watch Iron Man and The Hunger Games but only have time to watch Iron Man. Hunger Games is this.

6. $200 Answer from Basics What is my opportunity cost?

7. $300 Question from Basics This shows all possible combinations of ways resources can be allocated between two things.

8. $300 Answer from Basics What is a PPF/PPC?

9. $400 Question from Basics This shows the relationship between households and businesses regarding exchanges made between factor and product markets

10. $400 Answer from Basics What is the circular flow model?

11. $500 Question from Basics As you give up more and more of one thing for another you are faced with this

12. $500 Answer from Basics What is increasing opportunity cost?

13. $100 Question from S/D This has an inverse relationship

14. $100 Answer from S/D What is demand?

15. $200 Question from S/D The point of intersection of supply and demand

16. $200 Answer from S/D What is equilibrium?

17. $300 Question from S/D If demand for Oreos increase when the price of milk decreases, Oreos are this type of good

18. $300 Answer from S/D What is complementary?

19. $400 Question from S/D If demand for Ramen Noodles decreases as income increases this good is

20. $400 Answer S/D What are inferior goods?

21. $500 Question S/D A positive news article about how video games increase IQ is published which causes P and Q to change in this way

22. $500 Answer S/D What is an increase in P and in Qd?

23. $100 Question from S/D2 Coke and Pepsi are these types of goods

24. $100 Answer from S/D2 What are substitutes?

25. $200 Question from S/D What price increases, this also increases for supply

26. $200 Answer from S/D What is quantity?

27. $300 Question from S/D This happens on the S/D graph when computer input costs rise

28. $300 Answer from S/D What is supply shifts the the left P increases Qs decreases?

29. $400 Question from S/D This occurs when price is set above the Market equilibrium (hint: price floor)

30. $400 Answer from S/D What is surplus (Qd < Qs)?

31. $500 Question from S/D This is downward sloping and represents this law

32. $500 Answer from S/D What is the demand curve; law of demand?

33. $100 Question from Misc. When all income groups pay the same amount of tax

34. $100 Answer from Misc. What is a flat/proportional tax?

35. $200 Question from Misc. Income tax is an example of this

36. $200 Answer from Misc What is a progressive tax?

37. $300 Question from Misc This is type of good is both rival and excludable

38. $300 Answer from Misc What is a private good?

39. $400 Question from Misc As I eat ice cream I prevent my BFF from having any of it… this word describes this characteristic

40. $400 Answer from Misc What is a rival good?

41. $500 Question from Misc When people watch football from outside of the stadium they are considered these

42. $500 Answer from Misc What are free riders?

43. $100 Question from Markets The most competitive market

44. $100 Answer from Markets What is a perfectly competitive market?

45. $200 Question from Markets Occurs when it is more efficient for 1 firm to control the market

46. $200 Answer from Markets What is natural monopoly?

47. $300 Question from Markets An illegal agreement between firms

48. $300 Answer from Markets What is collusion?

49. $400 Question from Markets Emphasizing the brand name of a product is this (2 words- commonly associated with monopolistic competition)

50. $400 Answer from Markets What is product differentiation?

51. $500 Question from Markets This type of efficiency occurs where production is least costly

52. $500 Answer from Markets What is productive efficiency?

53. Final Jeopardy A positive news article about how video games increase IQ was published; it leads to these changes in P and Q within the video game market (show on graph)

54. Final Jeopardy Answer Property taxes