Download - Unit 1 jeopardy - duke
Jeopardy (Round 1)Jeopardy (Round 1)
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Economic Systems
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400 400 400 400
500 500 500 500
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100 100 100 100
PriceWhat is Econ? SupplyDeman
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JeopardyJeopardy (Round 2)(Round 2)
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Economic Systems Demand Price /
Supply
Economic terms
RandomRandom
Final JeopardyFinal JeopardyThis effect, This effect,
brought on by brought on by competition, can competition, can cause a demand cause a demand curve to shift to curve to shift to
the left.the left.
Economic Economic
SystemsSystems(100)(100)This philosopher This philosopher believed in the believed in the
free market and free market and an “Invisible an “Invisible
Hand”.Hand”.
Economic Systems Economic Systems
(200)(200)In this economy In this economy the government the government
makes all the makes all the decisions.decisions.
Economic Systems Economic Systems
(300)(300)The incentive The incentive for for
manufacturers manufacturers to sell their to sell their products.products.
This is the This is the struggle between struggle between various producers various producers
for consumer for consumer business.business.
Economic Systems Economic Systems
(400)(400)
Economic Systems Economic Systems
(500)(500)In this system the In this system the marketplace does marketplace does
not provide for not provide for certain needs certain needs because the because the
government does government does not exist.not exist.
What is Econ? (100)What is Econ? (100)
The resources The resources used to make all used to make all
goods and goods and services.services.
What is Econ? (200)What is Econ? (200)Resources that are Resources that are made by humans made by humans
and used to create and used to create other goods and other goods and
services.services.
What is Econ? (300)What is Econ? (300)
All goods and All goods and services are this services are this
because all because all resources are this resources are this
as well.as well.
What is Econ? (400)What is Econ? (400)
The most The most desirable desirable
alternative given alternative given up in any up in any decision.decision.
What is Econ? (500)What is Econ? (500)
A factory A factory building would building would be an example be an example
of this…of this…
Demand (100)
This is created This is created when a consumer is when a consumer is able and willing to able and willing to
buy a good or buy a good or service.service.
Demand (200)
This is illustrated This is illustrated when a good’s when a good’s price is low and price is low and
people buy more people buy more of it.of it.
Demand (300)Demand for an Demand for an item will shift to item will shift to
the right if people the right if people know the price know the price
will do this in the will do this in the future.future.
Demand (400)
A price increase A price increase that does not that does not
have a significant have a significant impact on buying impact on buying habits illustrates habits illustrates
this…this…
Demand (500)
Latin term for Latin term for ““all all other things held other things held
constant,constant,”” assuming that only assuming that only
price should be price should be taken into account.taken into account.
Supply (100)
This is displayed if This is displayed if a store increases a store increases
the amount of the amount of items sold and the items sold and the
price they sell them price they sell them at.at.
Supply (300)
An increase in An increase in minimum wage minimum wage would cause a would cause a
supply curve to shift supply curve to shift this way.this way.
Supply (400)
Apples would Apples would be this type of be this type of
supply supply elasticity.elasticity.
Supply (500)
This factor has This factor has the greatest the greatest
influence on the influence on the elasticity of elasticity of
supply.supply.
Price (100)Price (100)
The smallest The smallest amount that can amount that can legally be paid to legally be paid to a worker for an a worker for an hourly wage.hourly wage.
Price (200)Price (200)
This is achieved This is achieved when buyers and when buyers and
sellers reach a sellers reach a price they agree price they agree
upon.upon.
Price (300)Price (300)
This interaction This interaction determines the determines the price and the price and the
quantity of most quantity of most goods produced.goods produced.
Price (400)Price (400)
Government will Government will generally place a generally place a price ceiling on price ceiling on these types of these types of
goods.goods.
Price (500)Price (500)
How old is Mr. Chance?How old is Mr. Chance?If supply increases If supply increases and the demand is and the demand is exceeded, what will exceeded, what will happen to the price happen to the price
of a good or of a good or service.service.
Economic Systems (600)Economic Systems (600)
A method used by A method used by a society to a society to produce and produce and
distribute goods distribute goods and services.and services.
Economic Systems (700)Economic Systems (700)
A French term A French term asking asking
government to government to stay out of the stay out of the marketplace.marketplace.
Economic Systems (800)Economic Systems (800)
Give two ways in Give two ways in which a which a
government can government can intervene in a intervene in a
mixed economy.mixed economy.
Economic Systems (900)Economic Systems (900)
What two What two countries countries
currently use a currently use a command command economy?economy?
Demand (600)Demand (600)
The measure used The measure used to tell how to tell how
consumers will react consumers will react to a change in the to a change in the
price of a good.price of a good.
Demand (700)Demand (700)
This graphic This graphic representations representations
tells how much of tells how much of one good will be one good will be sold at a certain sold at a certain
price.price.
Demand (800)Demand (800)
These goods are These goods are consumed more consumed more
when the price of when the price of another has risen.another has risen.
Demand (900)Demand (900)
Goods that are Goods that are bought and bought and used along used along
with another with another good.good.
Demand (1000)Demand (1000)
The demand of The demand of these goods falls these goods falls
when income when income rises.rises.
Price / Supply (600)Price / Supply (600)
The law stating The law stating that a supplier will that a supplier will
offer more of a offer more of a good at a higher good at a higher
price.price.
Price / Supply (700)Price / Supply (700)
The change in The change in output from output from hiring one hiring one
additional unit of additional unit of labor.labor.
Price / Supply (800)Price / Supply (800)
The cost of The cost of producing one producing one more unit of a more unit of a
good.good.
Price / Supply (900)Price / Supply (900)
A government A government payment that payment that
supports a supports a business or business or
market.market.
Price / Supply (1000)Price / Supply (1000)
The additional The additional income from income from
selling one more selling one more unit of a good.unit of a good.
Economic Terms (600)Economic Terms (600)
When you decide to When you decide to do a little more or do a little more or
less of something, it less of something, it is called…is called…
• Thinking at the Thinking at the marginmargin
• Marginal cost v. Marginal cost v. marginal benefitmarginal benefit
Economic Terms (700)Economic Terms (700)
This is the limited This is the limited quantities of quantities of
resources needed resources needed meet unlimited meet unlimited
needs or desires.needs or desires.
Economic Terms (800)Economic Terms (800)
When an economy When an economy or business uses or business uses fewer resources fewer resources
than the economy is than the economy is capable of using.capable of using.
Economic Terms (900)Economic Terms (900)
This chart or graph This chart or graph tells the alternative tells the alternative
ways to use an ways to use an economy’s economy’s resources.resources.
Economic Terms (1000)Economic Terms (1000)
The use of The use of resources in a way resources in a way
that maximizes that maximizes output of goods output of goods
and services.and services.
Random (600)Random (600)
An economic side effect of An economic side effect of a good or service that a good or service that
generates benefits or costs generates benefits or costs (often unintended) to (often unintended) to
someone other than the someone other than the person deciding how much person deciding how much
to produce or consume.to produce or consume.
Random (700)Random (700)
A A characteristic characteristic of a centrally of a centrally
planed planed economy.economy.
• Low unemployment Low unemployment • Less class distinctionLess class distinction• Basic needs are metBasic needs are met• Government owns the Government owns the
factors of productionfactors of production• Little consumer choiceLittle consumer choice• Quantity not qualityQuantity not quality• No incentive for the No incentive for the
workersworkers• Sacrifice individual Sacrifice individual
freedomsfreedoms
Random (800)Random (800)
These are all other These are all other alternatives that we alternatives that we
give up when we give up when we choose one course choose one course
of action over of action over another.another.
Random (1000)Random (1000)
The government The government can intervene in can intervene in
a mixed a mixed economy by economy by doing this…doing this…
• Setting Setting RegulationsRegulations• TaxesTaxes• PatentsPatents
• Property RightsProperty Rights