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Jeopardy: Unit I BACK TO BASICS MEGA MODELS GO TO GOAL3 OF A KINDMERGER MANIA 10 20 30 40 50
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What are the three basic questions every economy must answer? A
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Define “economics” B
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List 3 examples of capital C
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Explain the difference between durable and non-durable goods D
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The situation in which some necessities have little or no value, while some non-necessities have a much higher value is known as _________________________ E
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The economic model showing the flow of goods and services as well as the flow of money in our economy is known as the ___________________________ F
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What market do consumers shop in? What market do producers shop in? G
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A diagram illustrating the concept of opportunity cost, by contrasting the production of two competing goods is known as _________________________ H
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Why do economists use economic models? I
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Explain the difference between trade-off and opportunity cost. J
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Consumers have the freedom to decide how to spend their income. What socioeconomic goal is represented by this? K
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FDIC, Social Security, and Unemployment Insurance all represent the socioeconomic goal of ______________________. L
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The progressive income tax and minimum wage are examples of what socioeconomic goal? M
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Who makes the decisions in - a traditional economy? - a command economy? - a market economy? N
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What is the correct term for the type of economy the United States has? O
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Which type of business accounts for almost ¾ of all businesses in the United States? P
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Which type of businesses account for almost 90% of all sales of goods and services in the United States? Q
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Unlimited liability, quick decisions, and not having to share the profits are characteristics of what type of business? R
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A type of business that can have two or more partners and can either be limited or general is known as ___________________ S
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List the three types of business organizations and give 1 disadvantage of each. T
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List 2 reasons why mergers occur U
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Explain what a multinational company is. Give 1 example. V
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What is a conglomerate? Give 1 example. W
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Create a horizontal merger that includes at least 4 companies X
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Create a vertical merger that includes at least 4 companies Y
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