1. JEOPARDY

2. Economics
Lingo
Economic
Principles
PPF and
Opportunity Cost
Basic
Economic
Questions
Economic
Systems
Potpourri
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3. Human Resources (Labor)
ECONOMICS LINGO $100 Construction workers, sports team athletes, teachers, cashiers, and lawyers are all examples of this type of production resource?
Human Resources (Labor)

4. ECONOMICS LINGO $200 Tools, machines, money, are forms of this type of production resource?
Capital Resources

5. ECONOMICS LINGO $300 The person who has the idea for a product, gathers the factors of production, and usually takes all the risk in the company is called the ...
Entrepreneur

6. Cost-Benefits Analysis
ECONOMICS LINGO $ A way to compare the costs of an action with the benefits of that action (if the benefit exceeds the cost, it’s worth taking the action)
Cost-Benefits Analysis

7. ECONOMICS LINGO $ Any factor that encourages or motivates a person to do something or not do something.
Incentive

8. ECONOMIC PRINCIPLES $100 When we weigh the pros and cons of going to college or going straight into the workforce, we are applying this economic principle.
Cost vs. Benefits

9. Scarcity Forces Tradeoffs
ECONOMIC PRINCIPLES $ This principle says because are resources limited, we have to make choose which needs and wants to satisfy.
Scarcity Forces Tradeoffs

10. People Respond to Incentives
 ECONOMIC PRINCIPLES $300 Virginia Beach police put a police officer with a radar gun on Dam Neck Rd. because they know it is a common place for people to speed. What principle is this?
People Respond to Incentives

11. Markets Coordinate to Trade
ECONOMIC PRINCIPLES $400 Jane specializes in making custom handbags. She takes her bags to a gift shop in the mall and gives the owner 5% of every sale. This illustrates this principle.
Markets Coordinate to Trade

12. ECONOMIC PRINCIPLES $500 When you have to look at the cost of adding another 25 wallets in your senior pictures order, you are applying this principle.
Thinking at the Margin

13. PPF & OPPORTUNITY COST$100
The line on a graph that shows an
economy’s maximum possible output
Production Possibility
Frontier (Curve)

14. PPF & OPPORTUNITY COST$200 When an economy shift from producing more of one good/service, it must produce less of the other. This is known as…
Opportunity Cost

15. PPF & OPPORTUNITY COST$300
Which production point
shows inefficent
production possibility?
Point A

16. PPF & OPPORTUNITY COST$400
Which production point
shows an impossible
production possibility?
Point X

17. PPF & OPPORTUNITY COST $500
At point D, what is the
opportunity cost to
Produce 500 capital
goods?
10 Consumer goods

18. BASIC ECONOMIC QUESTIONS $100
Every economic system must
answer how many basic questions?
Three

19. BASIC ECONOMIC QUESTIONS $200 What is the FIRST basic question every economic system must address?
What will be
produced?

20. BASIC ECONOMIC QUESTIONS$300 What is the SECOND basic question every economic system must address?
How will it be
produced?

21. BASIC ECONOMIC QUESTIONS $400 What is the THIRD basic question every economic system must address?
For whom will it
be produced? How much?

22. (growth, stability, security, etc.)
BASIC ECONOMIC QUESTIONS $500 How an economic system answers the basic economic questions depends on what?
Their economic goals
(growth, stability, security, etc.)

23. ECONOMIC SYSTEMS $100 In this economic system, the basic
economic questions are answered
by how things have always
been done in the past.
Traditional Economy

24. ECONOMIC SYSTEMS $200 There is minimal government interference in this type of economy. Competition and profit motivate producers, there is private ownership of property/resources, and consumer sovereignty.
Free Market Economy

25. ECONOMIC SYSTEMS $300
Central planning of the economy happens in this system. There is limited consumer choice.
Command Economy

26. ECONOMIC SYSTEMS $400 In this economy businesses make decisions for the private sector, and government makes decisions for the public sector, as well as guides and regulates the economy.
Mixed Economy

27. The most common type of economic system in the world.
ECONOMIC SYSTEMS $500
The most common type of economic system in the world.
Mixed Economy

28. The type of opportunity cost illustrated in this PPF.
POTPOURRI $100
The type of opportunity cost illustrated in this PPF.
Constant

29. POTPOURRI $200 Jane cannot grow her own vegetables because she lives in an apartment. Fortunately, she doesn’t have to live without veggies because she can buy them at her grocery store. What principle does this explain?
Trade Makes People
Better Off

30. POTPOURRI $300 A greater government role than in a free market economy, is found in __________.
Mixed Economy

31. The law that explains why this PPF is bowed out/curved…
POTPOURRI $400
The law that explains why this PPF is bowed out/curved…
Law of increasing
opportunity cost

32. Future Consequences Count
POTPOURRI $500 When an economy looks at the impact raising business taxes has on producers’ ability to grow their business, this illustrates what economic principle?
Future Consequences Count