1. This is Jeopardy!
Unit 1 Exam Review

2. Jeopardy (Round 1)
Economic Systems
What is Econ?
Demand
Supply
Price
100
100
100
100
100
200
200
200
200
200
300
300
300
300
300
400
400
400
400
400
500
500
500
500
500

3. Jeopardy (Round 2)
Economic
Systems
Economic terms
Random
Demand
Price / Supply
600
600
600
600
600
700
700
700
700
700
800
800
800
800
800
900
900
900
900
900
1000
1000
1000
1000
1000

4. Final Jeopardy
This effect, brought on by competition, can cause a demand curve to shift to the left.

5. Substitution Effect

6. This philosopher believed in the free market and an “Invisible Hand”.
Economic Systems(100)
This philosopher believed in the free market and an “Invisible Hand”.

7. Adam Smith

8. In this economy the government makes all the decisions.
Economic Systems (200)
In this economy the government makes all the decisions.

9. Centrally Planned
(Command)

10. The incentive for manufacturers to sell their products.
Economic Systems (300)
The incentive for manufacturers to sell their products.

11. Profit

12. This is the struggle between various producers for consumer business.
Economic Systems (400)
This is the struggle between various producers for consumer business.

13. Competition

14. Economic Systems (500)
In this system the marketplace does not provide for certain needs because the government does not exist.

15. Free Market

16. The resources used to make all goods and services.
What is Econ? (100)
The resources used to make all goods and services.

17. Factors of Productions

18. What is Econ? (200)
Resources that are made by humans and used to create other goods and services.

19. Capital

20. What is Econ? (300)
All goods and services are this because all resources are this as well.

21. Scarce

22. The most desirable alternative given up in any decision.
What is Econ? (400)
The most desirable alternative given up in any decision.

23. Opportunity Cost

24. A factory building would be an example of this…
What is Econ? (500)
A factory building would be an example of this…

25. Physical
Capital

26. Demand (100)
This is created when a consumer is able and willing to buy a good or service.

27. Demand

28. Demand (200)
This is illustrated when a good’s price is low and people buy more of it.

29. Law of Demand

30. Demand (300)
Demand for an item will shift to the right if people know the price will do this in the future.

31. Rise

32. Demand (400)
A price increase that does not have a significant impact on buying habits illustrates this…

33. Inelasticity

34. Demand (500)
Latin term for “all other things held constant,” assuming that only price should be taken into account.

35. Ceteris Paribus

36. Supply (100)
This is displayed if a store increases the amount of items sold and the price they sell them at.

37. Law of Supply

38. Rent would be this type of cost.
Supply (200)
Rent would be this type of cost.

39. Fixed

40. Supply (300)
An increase in minimum wage would cause a supply curve to shift this way.

41. Left

42. Apples would be this type of supply elasticity.

43. Inelastic

44. This factor has the greatest influence on the elasticity of supply.

45. Time

46. Price (100)
The smallest amount that can legally be paid to a worker for an hourly wage.

47. Minimum Wage

48. Price (200)
This is achieved when buyers and sellers reach a price they agree upon.

49. Equilibrium

50. Price (300)
This interaction determines the price and the quantity of most goods produced.

51. Supply and Demand

52. Price (400)
Government will generally place a price ceiling on these types of goods.

53. Essential but too expensive for consumers.

54. Price (500)
If supply increases and the demand is exceeded, what will happen to the price of a good or service.
How old is Mr. Chance?

55. It will drop

56. Economic Systems (600)
A method used by a society to produce and distribute goods and services.

57. Economic System

58. A French term asking government to stay out of the marketplace.
Economic Systems (700)
A French term asking government to stay out of the marketplace.

59. Laissez-faire

60. Give two ways in which a government can intervene in a mixed economy.
Economic Systems (800)
Give two ways in which a government can intervene in a mixed economy.

61. Tax
Regulate
Make Laws
Subsidy

62. What two countries currently use a command economy?
Economic Systems (900)
What two countries currently use a command economy?

63. Cuba
N. Korea

64. One’s own personal gain
Economic Systems (1000)
One’s own personal gain

65. Self-Interest

66. Demand (600)
The measure used to tell how consumers will react to a change in the price of a good.

67. Elasticity

68. Demand (700)
This graphic representations tells how much of one good will be sold at a certain price.

69. Demand Curve

70. These goods are consumed more when the price of another has risen.
Demand (800)
These goods are consumed more when the price of another has risen.

71. Substitute

72. Goods that are bought and used along with another good.
Demand (900)
Goods that are bought and used along with another good.

73. Complement

74. The demand of these goods falls when income rises.

75. Inferior Goods

76. Price / Supply (600)
The law stating that a supplier will offer more of a good at a higher price.

77. Law of Supply

78. The change in output from hiring one additional unit of labor.
Price / Supply (700)
The change in output from hiring one additional unit of labor.

79. Marginal Product of Labor

80. The cost of producing one more unit of a good.
Price / Supply (800)
The cost of producing one more unit of a good.

81. Marginal Cost

82. A government payment that supports a business or market.
Price / Supply (900)
A government payment that supports a business or market.

83. Subsidy

84. The additional income from selling one more unit of a good.
Price / Supply (1000)
The additional income from selling one more unit of a good.

85. Marginal Revenue

86. Economic Terms (600)
When you decide to do a little more or less of something, it is called…

87. Marginal cost v. marginal benefit
Thinking at the margin
Marginal cost v. marginal benefit

88. Economic Terms (700)
This is the limited quantities of resources needed meet unlimited needs or desires.

89. Scarcity

90. Economic Terms (800)
When an economy or business uses fewer resources than the economy is capable of using.

91. Underutilization

92. Economic Terms (900)
This chart or graph tells the alternative ways to use an economy’s resources.

93. Production Possibilities Graph

94. Economic Terms (1000)
The use of resources in a way that maximizes output of goods and services.

95. Efficiency

96. Random (600)
An economic side effect of a good or service that generates benefits or costs (often unintended) to someone other than the person deciding how much to produce or consume.

97. Externality

98. A characteristic of a centrally planed economy.
Random (700)
A characteristic of a centrally planed economy.

99. Less class distinction Basic needs are met
Low unemployment
Less class distinction
Basic needs are met
Government owns the factors of production
Little consumer choice
Quantity not quality
No incentive for the workers
Sacrifice individual freedoms

100. Random (800)
These are all other alternatives that we give up when we choose one course of action over another.

101. Trade-offs

102. The three factors of production.
Random (900)
The three factors of production.

103. Land, Labor, & Capital

104. The government can intervene in a mixed economy by doing this…
Random (1000)
The government can intervene in a mixed economy by doing this…

105. Setting Regulations
Taxes
Patents
Property Rights

106. I hope you study.