jeopardy economic decisions economic systems economic indicators business cycle supply & demand...
TRANSCRIPT
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JeopardyEconomic Decisions
Economic Systems
Economic Indicator
s
Business Cycle
Supply & Demand
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Final Jeopardy
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$100 Question
Things that add to the comfort of our live;
sometimes referred to as luxuries
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$100 Answer
What are wants?
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$200 Question
Examples include food, water, shelter
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$200 Answer
What are needs?
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$300 Question
Tangible objects … things you can see and touch
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$300 Answer
What are goods?
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$400 Question
Satisfied through the efforts of others
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$400 Answer
What are services?
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$500 Question
Factors of Production
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$500 Answer
What are natural resources, human resources, and
capital resources?
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$100 Question
The economic questions that define a nation’s
economic system
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$100 Answer
What to produce, how to produce it, and for whom?
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$200 Question
All economic questions are answered by the
government; there are two names for this system
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$200 Answer
What is a command economy or directed
economy?
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$300 Question
Canada and Sweden are examples of this type of mixed
economy
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$300 Answer
What is socialism?
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$400 Question
Communism is a mixed economy characterized by government control. List
two communist countries in the world today.
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$400 Answer
What are China, Cuba, or North Korea?
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$500 Question
Characterized by marketplace competition
and no government involvement
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$500 Answer
What is a market economy?
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$100 Question
The number of people who are willing & able to work
but cannot find a job
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$100 Answer
What is the unemployment rate?
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$200 Question
This indicator tells us that the cost of living is getting
more expensive
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$200 Answer
What is inflation?
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$300 Question
The United States’ rank in the world for GDP as
compared to other nations today
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$300 Answer
What is second?
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$400 Question
The sum of all goods and services produced within a
country in a given year
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$400 Answer
What is Gross Domestic Product?
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$500 Question
Definition of Economic Indicators
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$500 Answer
What are figures used to measure the performance
of a nation’s economy?
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$100 Question
Definition of the Business Cycle
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$100 Answer
What is the rise and fall of economic activity over
time?
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$200 Question
GDP is increasing, unemployment is
decreasing in this stage of the cycle
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$200 Answer
What is recovery?
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$300 Question
Also known as a trough, this stage last six months or
more
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$300 Answer
What is depression?
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$400 Question
GDP is at its highest and unemployment is at its
lowest
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$400 Answer
What is the peak or prosperity?
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$500 Question
Historically many big businesses begin during this stage … explain why
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$500 Answer
What is a depression? Entrepreneurs seek a
product that consumers need or have never had
before.
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$100 Question
The rivalry that exists between two businesses
selling the same product is called this
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$100 Answer
What is competition?
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$200 Question
As price increases, quantity also increases
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$200 Answer
What is the law of supply?
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$300 Question
When supply is greater than demand, this occurs
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$300 Answer
What is a surplus?
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$400 Question
This is the point of maximum profit for
producers
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$400 Answer
What is the equilibrium point?
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$500 Question
If supply is less than demand, it creates this type
of market
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$500 Answer
What is a sellers’ market?
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Final Jeopardy
Two or more businesses that offer dissimilar goods
or services that may substitute for each other
are engaged in this
Provide an example (either products or businesses).
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Final Jeopardy Answer
What is indirect competition?