3. $100 $200 $300 $400 $500 Stayin’ in the Circular Flow SupplyDemand Elasticity BusinessOrganizationTypesEconomicsLingo

4. ECONOMICS LINGO $100 The money earned by a business after subtracting its operation costs.

5. ECONOMICS LINGO $200 The point at which the quantity demanded by consumers equals the quantity supplied by producers (where the supply curve and demand curve intersect).

6. ECONOMICS LINGO $300 A product that satisfies the same basic want as another product… Ex. Big Mac or Whopper

7. ECONOMICS LINGO $400 A product that is used or consumed jointly with another product … Ex. PB & J

8. ECONOMICS LINGO $500 A (generally illegal) situation where a seller prices a good/service at a level much higher than is considered reasonable or fair. This rapid increase in prices occurs after a demand or supply shock such as following a natural disaster like a hurricane.

9. CIRCULAR FLOW $100 In the circular flow model, these can provide both the government and/or businesses with labor.

10. CIRCULAR FLOW $200 These TWO sectors of the circular flow model provide tax payments to the government.

11. CIRCULAR FLOW $300 In exchange for tax payments, the government provides businesses and households with…

12. CIRCULAR FLOW $400 When VBCPS purchases new laptop computers from HP, through Office Depot, this illustrates this sector of the circular flow model purchasing these kinds of goods/services.

13. CIRCULAR FLOW $500 Joe goes to work every day as an employee for Wells Fargo bank as a loan officer. Joe’s wife, Janet works for the Virginia Dept. of Corrections as a prison guard. Joe is an example of a human resource for this sector of the circular flow model, while Jane is an example for this sector.

14. SUPPLY $100 The law of supply says that when the price of a good or service goes UP, supply…

15. SUPPLY $200 When supply decreases, the supply curve moves…

16. SUPPLY $300 As the prices for a SUVs increases, car manufacturers are motivated to do this with their supply…

17. SUPPLY $400 Name 2 of the 6 factors that can cause a shift in supply.

18. SUPPLY $500 This decrease in supply only shown here means THIS in the new equillibrium PRICE (P 2 ), and the new equillibrium QUANTITY (Q 2 )

19. DEMAND $100 The law of demand says that when the price for a good or service goes up…

20. DEMAND $200 When demand increases, the demand curve moves…

21. DEMAND $300 As the prices for a SUVs decreases, car buyers respond by…

22. DEMAND $400 Name 2 of the 6 factors that cans cause a shift in demand.

23. DEMAND $500 This increase in demand only shown here means THIS in the new equillibrium PRICE (P 2 ), and the new equillibrium QUANTITY (Q 2 ),

24. ELASTICITY $100 Elasticity measures consumer or producer response to a change in this…

25. ELASTICITY $200 Give an example of inelastic demand.

26. ELASTICITY $300 Give an example of elastic supply.

27. ELASTICITY $400 This graph illustrates this kind of demand, and would be more closely associated with demand for (give an example)…

28. ELASTICITY $500 This graph illustrates this kind of supply, and would be more closely associated with demand for (give an example)…

29. BUSINESS ORG. TYPES $100 The efforts of a the person who takes the risk to produce goods and services in search of a profit..

30. BUSINESS ORG. TYPES $200 Though the company is no longer this type because of its tremendous growth, when two hippies named Ben and Jerry came together to make delicious ice cream in Vermont, they created this type of business organization.

31. BUSINESS ORG. TYPES $300 Ray Kroc bought a hamburger stand from two brothers in California in the 1950s and grew it into a regional chain of restaurants. By the 1960s, he had sold his proven business model to entrepreneurs around the world. Today, if you want to own one of these, you must attend “Burger University” in Chicago and closely follow all aspects of the business…or risk losing your investment.

32. BUSINESS ORG. TYPES $400 Hilton Worldwide is an example of this type of business organization because while many owners hold stock and act as “one person” legally, a majority of its stock is not sold on the open market, but is held by family member.

33. BUSINESS ORG. TYPES $500 A business type designed to benefit all who are producers, as well as the consumers they serve. They can be organized for social or economic reasons.