2. SUPPLY/D EMAND SETTING UP A BUSINESS ENTREPR ENEURS STOCK MARKET POT LUCK $100 $200 $300 $200 $300 $400 $500 FINALJEOPARDYFINALJEOPARDY Jeopardy

3. If price goes up, what happens to supply? Answer main board $100 Question Cat 1

4. Supply goes up as well… main board $100 Answer Cat 1

5. Answer main board $200 Question Cat 1 What are the 3 “mixed” economic systems that we’ve studied this semester?

6. -capitalism -socialism -communism main board $200 Answer Cat 1

7. $300 Question Cat 1 -Another name for the market clearing price is the: Answer main board

8. Equilibrium price! main board $300 Answer Cat 1

9. $400 Question Cat 1 -Something that is elastic in demand often has the following 3 characteristics: What are 2 of them? Answer main board

10. -many substitutes -expensive -time to plan (don’t need to buy in now!) main board $400 Answer Cat 1

11. $500 Question Cat 1 -Name 2 of the 3 main causes for a shift in supply: Answer main board

12. -change in marg. cost of production -change in # of sellers -change in expectations main board $500 Answer Cat 1

13. $100 Question Cat 2 Answer main board -What percentage of small businesses fail in the first 2 years?

14. 30-50% main board $100 Answer Cat 2

15. $200 Question Cat 2 Which type of business type has the most numbers in the US? Answer main board

16. -sole proprietorships main board $200 Answer Cat 2

17. $300 Question Cat 2 IPO stands for? Answer main board

18. Initial public offering main board $300 Answer Cat 2

19. $400 Question Cat 2 Products are “made for the dump”: this is known as… Answer main board

20. Planned obsolescence main board $400 Answer Cat 2

21. $500 Question Cat 2 Largest draw back (con) about setting up either a sole proprietorship or a partnership? Answer main board

22. unlimited liability main board $500 Answer Cat 2

23. $100 Question Cat 3 Who set up and started Fed Ex? Answer main board

24. Fred Smith main board $100 Answer Cat 3

25. $200 Question Cat 3 Name of the teenage entrepreneur that set up Eden Body Works? Answer main board

26. Jasmine Lawrence main board $200 Answer Cat 3

27. $300 Question Cat 3 Term for an entrepreneur who uses fame/fortune to help improve society…give back. Answer main board

28. philanthropist main board $300 Answer Cat 3

29. $400 Question Cat 3 2 main benefits of buying into a franchise? Answer main board

30. -they train your employees -they advertise for you -name is already established main board $400 Answer Cat 3

31. $500 Question Cat 3 -Name 2 main cons of setting up a corporation: Answer main board

32. -double taxation -cost/paperwork main board $500 Answer Cat 3

33. $100 Question Cat 4 What is the term for spreading your money around and not “putting all your eggs in one basket?” Answer main board

34. diversify main board $100 Answer Cat 4

35. $200 Question Cat 4 In our stock market game online, what was the least number of shares you could buy of any one stock at a time? $200 Answer Cat 4 $200 Answer Cat 4Answer main board

36. -100 shares main board $200 Answer Cat 4

37. $300 Question Cat 4 Answer main board -What are the 3 main things to consider when looking to save/invest your money?

38. -safety/risk -liquidity -rate of return main board $300 Answer Cat 4

39. $400 Question Cat 4 What is the biggest con of investing in a certificate of deposit? Answer main board

40. -penalty for taking it our early…not as liquid main board $400 Answer Cat 4

41. $500 Question Cat 4 Best way to make money by investing in property? Answer main board

42. -renting it out… main board $500 Answer Cat 4

43. $100 Question Cat 5 -Studying the unemployment rate in the US would fall under which? -macroeconomics or -microeconomics Answer main board

44. macroeconomics main board $100 Answer Cat 5

45. $200 Question Cat 5 Who wrote “The World Is Flat?” Answer main board

46. Thomas Friedman main board $200 Answer Cat 5

47. $300 Question Cat 5 -Another term for supply/ demand…used by Adam Smith in describing how jobs are filled and things get accomplished… Answer main board

48. Invisible hand main board $300 Answer Cat 5

49. $400 Question Cat 5 -Name of law in NYS that says public employees may not strike? Answer main board

50. Taylor Law main board $400 Answer Cat 5

51. $500 Question Cat 5 -National Bank in the US that has the power to adjust interest rates and control supply of money is called the? Answer main board

52. Federal Reserve main board $500 Answer Cat 5

53. -Our income tax system in the US is progressive…you pay a higher percentage as you make more. Some argue that a “flat tax” would be more fair…it’s also known as what? main board Final Jeopardy Question Answer

54. Proportional tax main board Final Jeopardy Answer