1. Jeopardy Economics: Demand and Supply

2. Jeopardy - 5/02 (Page One) Consumer Wants Stretching Your Dollar Producers Rule!! Making Decisions Playing the Game 200 400 600 1000 800 200 400 600 800 1000 200 Final Jeopardy

3. 1-1-1 Demand goes up! This usually occurs when price goes down.

4. 1-2-1 The Substitution Effect What is it called when a person decides that Pizza is too expensive and chooses Burgers for dinner?

5. 1-3-1 – Daily Double Ceteris Paribus The name for when ‘All other things are held constant’

6. 1-4-1 Inferior Goods These are the items that decrease in demand when our income increases

7. 1-5-1 Complements The items that are in high demand when a related good is being purchased

8. 2-1-1 Inelastic When demand for a good stays the same despite a price increase it is called:

9. 2-2-1 Elasticity of Demand A measure of how consumers react to a change in price is called:

10. 2-3-1 Elastic When a product decreases in demand after an increase in price:

11. 2-4-1 Daily Double Availability of Substitutes Relative Importance Necessities vs. Luxuries Change over Time Name one factor that affects elasticity of demand

12. 2-5-1 This describes demand that is not very sensitive to a change in price. Inelastic

13. 3-1-1 The Law of Supply The higher the price, the greater the quantity produced is called:

14. 3-2-1 Quantity Supplied Economists refer to this as the amount of good that is offered for sale at a certain price

15. 3-3-1 Raw Materials Machinery Labor Name one example of Input Costs discussed in class:

16. 3-4-1 Subsidies When the Government provides a payment that supports a business or market.

17. 3-5-1 Future Expectations of Prices An example is when a farmer holds his crop until the prices rise.

18. 4-1-1 Volume What is the total number of shares traded called?

19. 4-2-1 52 Wk Range What is the name of the section you find the high price of a stock for the year?

20. 4-3-1 NYSE & NASDAQ What are the two markets that most Americans trade on?

21. 4-4-1 Dividends What are the portion of corporate profits paid out to the stockholders called?

22. 4-5-1 Diversifying Your Portfolio What is it called when a person spreads out their stock among many different industries?

23. 5-1-1 $100,000 How much money did each team begin with in their portfolio?

24. 5-2-1 Two How many transactions are you required to make in a week?

25. 5-3-1 22 How many teams from my current economics classes are in this competition?

26. 5-4-1 Short Selling What is it called when you borrow stocks to make money?

27. 5-5-1 Daily Double $50,000 How much money can you use to “Buy on the Margin?”

28. Final Jeopardy List at least three examples of the theory of Market Entry Subject: Supply Subway (Franchises) Boy Bands: N’Sync, Backstreet Boys (Boy Bands) Star Wars Movies (Movie Sequels) Survivor, The Apprentice (Reality TV)