2. Econ - Jeopardy Charts and Graphs Vocab 2Scenarios 3Vocab 4Vocab 5 Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy

3. $100 Question from H1 This is a simple economic model illustrating the flow of goods and services though the economy

4. $100 Answer from H1 What is the Circular Flow Model?

5. $200 Question from H1 This graph shows the maximum output that can be gained between two products when all resources are used appropriately

6. $200 Answer from H1 What is the PPF? PPC? Production Possibilities Frontier? Production Possibilities Curve?

7. $300 Question from H1 This graph, showing two lines extending diagonally and upwards to the left, is a depiction of

8. $300 Answer from H1 What is the Demand Curve?

9. $400 Question from H1 This graph, showing two lines extending diagonally and upwards to the right, is a depiction of

10. $400 Answer from H1 What is the Supply Curve?

11. $500 Question from H1 This graph shows that there is

12. $500 Answer from H1 What is a Decrease in Supply?

13. $100 Question from H2 Price goes up and demand changes very little if at all.

14. $100 Answer from H2 What is Inelasticity?

15. $200 Question from H2 This is the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service

16. $200 Answer from H2 What is Marginal Benefit?

17. $300 Question from H2 This is the cost of any activity measured in terms of the value of the next best alternative forgone

18. $300 Answer from H2 What is Opportunity Cost?

19. $400 Question from H2 Price goes up and demand goes down

20. $400 Answer from H2 What is Elasticity?

21. $500 Question from H2 This Latin phrase means that nothing changes; things remain constant

22. $500 Answer from H2 What is Ceteris Paribus?

23. $100 Question from H3 A man was looking at a demand curve and noticed that the arrow moved from one point to the next. The arrow went in an upward direction and to the left.

24. $100 Answer from H3 What is a Decrease in Quantity demanded? Extra 2 points! What happened to the price?

25. $200 Question from H3 What in the world? Apple Ipads have jumped from $700 to $1200, surely this will cause two changes.

26. $200 Answer from H3 What is an Increase in Quantity Supplied? What is a Decrease in Demand?

27. $300 Question from H3 Flat screen TV’s are not going to be on sale this year on Black Friday. The price will remain the same; however, there has been an increase in people requesting the product.

28. $300 Answer from H3 What is an Increase in Demand?

29. $400 Question from H3 Famous rapper Gucci Mane chose to buy three more pairs of True Religion jeans for $300 dollars a piece instead of getting the Ice Cream tattoo removed from his face for $250 per procedure. This procedure will take two sessions with promising results. What is the opportunity cost of purchasing the True Religion jeans?

30. $400 Answer from H3 What is $500 Dollars?

31. $500 Question from H3 Although his previous album didn’t sell as much as he though it would, Miguel felt like now that he had made a name for himself, he would continue to keep his first album on the market by supplying more copies without changing the price.

32. $500 Answer from H3 What is Increase in Supply?

33. $100 Question from H4 This is the cost of producing one more unit of a good

34. $100 Answer from H4 What is Marginal Cost?

35. $200 Question from H4 This is the place where price meets demand

36. $200 Answer from H4 What is Equilibrium Price?

37. $300 Question from H4 Market that provides the things needed to produce goods

38. $300 Answer from H4 What is the Resource Market?

39. $400 Question from H4 1.Income Effect 2.Substitutes 3.Complements 4.Tastes 5.Expectations 6.Number of Buyers

40. $400 Answer from H4 What are the Determinants of Change in Demand

41. $500 Question from H4 This is a government-imposed limit on the price charged for a product.

42. $500 Answer from H4 What is a Price Ceiling?

43. $100 Question from H5 This is when there is an excess supply of a product

44. $100 Answer from H5 What is a Surplus?

45. $200 Question from H5 This is a government- or group-imposed limit on how low a price can be charged for a product

46. $200 Answer from H5 What is a Price Floor?

47. $300 Question from H5 This is when there is a disparity between the amount demanded for a product or service and the amount supplied in a market. In this case- there is an excess in Demand. Hint: Disparity means inequality (not equal)

48. $300 Answer from H5 What is a Shortage

49. $400 Question from H5 This is assistance paid to a business or economic sector or producers

50. $400 Answer from H5 What is a Subsidy?

51. $500 Question from H5 This is the decrease in the marginal output of a production process as the amount of a single factor of production is increased

52. $500 Answer from H5 What are Diminishing Returns?

53. Final Jeopardy This author wrote, “If one man kills another, it murder, but if a hundred thousand men kill another hundred thousand, it is considered an act of glory!?”

54. Final Jeopardy Answer Who is Tolstoy? (The book is Kingdom of God)