1. Unit 1 Review

2. THE RULES:
Instructor/Host’s decisions are
FINAL

3. Mrs. Yeomans and Mrs. Foster!!
And now…here is the host of Jeopardy…
Mrs. Yeomans and Mrs. Foster!!

4. Let’s Get Ready to play…
Today’s Categories are:

5. Basic Economics

6. Resources

7. Social and
Economic
Goals

8. Economic
Systems

9. Miscellaneous

10. Basic
Economics
Resources
Social and
Economic goals
Economic
Systems
Miscellaneous
$100
$100
$100
$100
$100 FJ
$200
$200
$200
$200
$200
$300
$300
$300
$300
$300
$400
$400
$400
$400
$400 DD
$500
$500
$500
$500
$500

11. Having to choose between two options is known as making a
Answer…

12. The answer is trade-off!
100

13. .
The most fundamental problem in economics is ____________, where unlimited wants exceed limited resources.
Answer…

14. The answer is scarcity
200

15. A physical object that can be purchased is called a __________ and something you do for someone else is called a _______?
Answer…

16. The answer is good, service
300

17. I can not do two things at once so I have to choose what to do
I can not do two things at once so I have to choose what to do. The item I do NOT choose is known as this.
Answer…

18. The answer is opportunity cost
400

19. Making the best use of productive resources is known as being what?
Answer…

20. The answer is…efficient
500

21. What are the 3 questions every economic system asks when deciding how to use resources?
Answer…

22. The answer is What to produce, How to produce, and for Whom to produce
100

23. Water, coal, and iron are examples of what type of resource?
Answer…

24. The answer is natural or land resource.
200

25. Organizational abilities and risk taking are examples of what type of resource?
Answer…

26. The answer is entrepreneurship.
300

27. Buildings, structures, and machinery used in the production process are known as this?
Answer…

28. The answer is capital resources.
400

29. What does the X axis respresent and what does the Y-axis represent on the PPC?
Answer…

30. The answer is X-axis (consumer goods “butter”) Y-axis (capital goods “guns”)
500

31. The economic goal concerned with making sure people are protected from unexpected risk?
Answer…

32. The answer is economic security
100

33. The economic goal concerned with making sure people can make their own choices
Answer…

34. The answer is economic freedom
200

35. The economic goal concerned with ensuring all people have access to the same opportunities and goods and services.
Answer…

36. The answer is economic equity
300

37. Economic efficiency is stressed in what economic system?
Answer…

38. The answer is market.
400

39. What does it mean to have an efficient economy?
Answer…

40. The answer is…uses its resources to make the most goods and services
500

41. An economic system in which central planners answer the three basic economic questions

42. The answer is…. Command system
100

43. The type of economic system determined by customs.
Answer…

44. The answer is traditional economic system.
200

45. Questions are answered by producers and consumers in the type of economic system that the U.S. has

46. The answer is market
300

47. A type of system that combines all elements of the pure economic models- the most common one you really see today
Answer…

48. The answer is… mixed
400

49. What economic goals are stressed in a market system?
Answer…

50. The answer is… Economic freedom, efficiency, security, and growth
500

51. What is the purpose of a production possibilities curve?
Answer…

52. The answer is….show alternative ways for an economy to use its resources
100

53. When talking about a command economy, “central planners” is another way of saying _____________.
Answer…

54. The answer is government
200

55. What is the difference between scarcity and shortage?
Answer…

56. .
The answer is.. Scarcity- permanent, limited resources to meet unlimited wants Shortage- temporary, occurs when a good or service is unavailable
300

57. Give an example of human capital
Answer…

58. Answers could include… The knowledge a doctor learned in medical school The knowledge Ms. Yeomans and Mrs. Foster learned at UGA to be a teacher
400

59. On a production PPC, you may see underutilization of resources, what does this mean? (teachers draws this point in)
Answer…

60. The answer is…. They are not producing as many goods as they could Also….what might cause this?
500

61. Daily Double
How much do you want
to wager?
Daily Double

62. FINAL JEOPARDY

63. CATEGORY:
How much do you want
to wager?
Proceed…

64. Proceed…

65. Proceed…

66. Thanks for PLAYING!