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Economics Review Jeopardy What is Economics? Economic Systems Demand & Supply Consumer 1st Half Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy
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$100 Question from What is Economics A company’s office building is an example of what type of factor of production?
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$100 Answer from What is Economics Capital
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$200 Question from What is Economics True or False. Temporary workers are an example of labor.
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$200 Answer from What is Economics True
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$300 Question from What is Economics What is the most basic problem of economics?
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$300 Answer from What is Economics Scarcity
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$400 Question from What is Economics Combining land, labor, and capital make resources _____ valuable.
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$400 Answer from What is Economics More
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$500 Question from What is Economics What are the five factors of production?
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$500 Answer from What is Economics Land, labor, capital, entrepreneurship, and technology
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$100 Question from Economic Systems True or False. In a command economy, economic decisions are made by individuals.
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$100 Answer from Economic Systems False
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$200 Question from Economic Systems It is easier to start your own business in a _________ economy.
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$200 Answer from Economic Systems Free Enterprise OR Capitalist OR Laissez-faire
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$300 Question from Economic Systems Name two countries with a command economy.
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$300 Answer from Economic Systems North Korea, Nazi Germany
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$400 Question from Economic Systems In a capitalist system, most property is ________ property.
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$400 Answer from Economic Systems Private
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$500 Question from Economic Systems What are the three basic economic questions answered by all economies?
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$500 Answer from Economic Systems What to produce? How to produce? For whom to produce?
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$100 Question from Demand and Supply According to the law of demand, if price goes up, the quantity demanded will _________.
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$100 Answer from Demand and Supply Decrease (go down)
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$200 Question from Demand and Supply According to the law of supply, higher prices prompt producers to ___________.
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$200 Answer from Demand and Supply Produce More
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$300 Question from Demand and Supply When the price of a good is too high for consumers, they look for _____ goods.
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$300 Answer from Demand and Supply Substitute
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$400 Question from Demand and Supply Demand for one particular brand of coffee is probably (elastic or inelastic).
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$400 Answer from Demand and Supply Elastic
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$500 Question from Demand and Supply What is the principle that states that the more you have of something, the less satisfaction you will get from an additional unit?
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$500 Answer from Demand and Supply Law of Diminishing Marginal Utility
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$100 Question from Consumer What is the term for anyone who buys or uses a good or service?
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$100 Answer from Consumer Consumer
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$200 Question from Consumer What is a promise to repair or replace a faulty product within a certain time?
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$200 Answer from Consumer Warranty
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$300 Question from Consumer Every purchase decision involves the use of what two scarce resources?
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$300 Answer from Consumer Time and Income
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$400 Question from Consumer What is the term for money people have left after they have paid their taxes?
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$400 Answer from Consumer Discretionary Income
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$500 Question from Consumer Name the five consumer rights.
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$500 Answer from Consumer Right to choose Right to be informed Right to be heard Right to redress Right to safety
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$100 Question from First Half “Bait and Switch” is an example of _____ advertising.
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$100 Answer from First Half Deceptive
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$200 Question from First Half Scarcity exists because people's needs and wants are _________.
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$200 Answer from First Half Unlimited
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$300 Question from First Half What is most influential aspect of a product or service?
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$300 Answer from First Half Price
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$400 Question from First Half What is the term for the legal maximum that may be charged for a particular good or service?
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$400 Answer from First Half Price Ceiling
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$500 Question from First Half What is a graph showing the maximum combination of goods and services that can be produced from a fixed amount of resources?
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$500 Answer from First Half Production Possibilities Curve
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Final Jeopardy What is the study of how individuals, families, businesses, and societies use limited resources to fulfill their unlimited wants?
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Final Jeopardy Answer Economics
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