Jeopardy $100 Are You Scarce? CapitalismProduction Supply and Demand Markets $200 $300 $400 $500...

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Jeopardy Jeopardy $100 Are You Scarce? Capitalism Production Supply and Demand Markets $200 $300 $400 $500 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 Final Jeopardy Final Jeopardy

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Transcript of Jeopardy $100 Are You Scarce? CapitalismProduction Supply and Demand Markets $200 $300 $400 $500...

Page 1: Jeopardy $100 Are You Scarce? CapitalismProduction Supply and Demand Markets $200 $300 $400 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400.

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Final JeopardyFinal Jeopardy

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Term for the improvement in productivity Term for the improvement in productivity due to more efficiency?due to more efficiency?

What is Specialization of LaborWhat is Specialization of Labor

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What type of economics focuses on What type of economics focuses on behavior of the individual in the market?behavior of the individual in the market?

What is Microeconomics?What is Microeconomics?

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The type of economics that examines the The type of economics that examines the behavior of the market as a whole is?behavior of the market as a whole is?

What is Macroeconomics?What is Macroeconomics?

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This man proposed the idea of laissez-faire This man proposed the idea of laissez-faire economicseconomics

Who is Adam Smith?Who is Adam Smith?

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The fact that scarcity exists in society is The fact that scarcity exists in society is due in large part todue in large part to

What is because resources are limited?What is because resources are limited?

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Defending oneself against disease, one Defending oneself against disease, one has reduced the risk of transmitting has reduced the risk of transmitting disease to others. This benefits the third disease to others. This benefits the third party (society) as a wholeparty (society) as a whole

What is a positive externality?What is a positive externality?

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What to produce, how to produce it and for What to produce, how to produce it and for whomwhom

What are the three basic questions of What are the three basic questions of economics?economics?

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The cycle of money and goods/services The cycle of money and goods/services among things in an economic transactionamong things in an economic transaction

What is the circular flow of goods and What is the circular flow of goods and services?services?

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Products of production that impose costs Products of production that impose costs on third partieson third parties

What are negative externalities?What are negative externalities?

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The basis of a market economy, where The basis of a market economy, where private entrepreneurs own the factors of private entrepreneurs own the factors of productionproduction

What is capitalism?What is capitalism?

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The value of the best alternative item you The value of the best alternative item you passed up in your decision making.passed up in your decision making.

What is opportunity cost?What is opportunity cost?

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The possible combinations of two types of The possible combinations of two types of goods that can be produced when goods that can be produced when available resources are employed fully and available resources are employed fully and efficiently?efficiently?

What is a production possibilities curve?What is a production possibilities curve?

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Land, capital, labor and entrepreneurs are Land, capital, labor and entrepreneurs are thisthis

What are the factors of production?What are the factors of production?

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Expansion, peak, contraction (recession) Expansion, peak, contraction (recession) and trough are parts of this processand trough are parts of this process

What is the business cycle?What is the business cycle?

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The economy of the US can be described The economy of the US can be described as thisas this

What is a capitalist economy?What is a capitalist economy?

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Technology, price of resources and Technology, price of resources and producer expectations are examples ofproducer expectations are examples of

What are determinants of demand?What are determinants of demand?

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This measures how responsive quantity This measures how responsive quantity demanded is to a price change- the demanded is to a price change- the percent change in quantity demanded percent change in quantity demanded divided by the change in price divided by the change in price

What is elasticity of demand?What is elasticity of demand?

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1. Prices of different goods including substitutes 2. Number of suppliers 3. Production function and technology 4. Prices of different inputs including wage rates, interest. 5. Producers' future expectations

What are determinants of supply?What are determinants of supply?

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What happens to equilibrium price and What happens to equilibrium price and quantity when the demand curve shifts to quantity when the demand curve shifts to the left?the left?

Equilibrium price goes up but quantity Equilibrium price goes up but quantity demanded goes downdemanded goes down

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The consumer demand for cancer The consumer demand for cancer treatment is? (inelastic or elastic)treatment is? (inelastic or elastic)

What about Soda? (inelastic or elastic?)What about Soda? (inelastic or elastic?)

What is inelastic and what is elasticWhat is inelastic and what is elastic

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Rent control occurs because the govt feels Rent control occurs because the govt feels everyone should have affordable lodging. everyone should have affordable lodging. This is an example ofThis is an example of

What is a price ceiling?What is a price ceiling?

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This equals the revenue from sales minus This equals the revenue from sales minus the cost of productionthe cost of production

What is profit?What is profit?

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In a market economy, a high price is a In a market economy, a high price is a signal for suppliers and consumers to do signal for suppliers and consumers to do what?what?

What is suppliers supply more of the What is suppliers supply more of the product but the consumers to buy less of product but the consumers to buy less of the product?the product?

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In which market structure do consumers In which market structure do consumers have the most amount of choiceshave the most amount of choices

What is monopolistic competition?What is monopolistic competition?

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Legal obligation to pay any any debts of Legal obligation to pay any any debts of the business?the business?

What is liability?What is liability?

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Final JeopardyFinal Jeopardy

The main incentive why Bill Gates started The main incentive why Bill Gates started MicrosoftMicrosoft

What is to make money for himself and his What is to make money for himself and his investors!!investors!!


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Jéopardy VocabulaireGrammaireRèglesTraductionCulture 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500.

Jéopardy VocabulaireGrammaireRèglesTraductionCulture 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500.