Mr. LoSasso presents…

Mr. LoSasso presents… Version 2.0 Economics

Each Round, teams will attempt to answer 10, 20, 30, 40 and 50 point questions.If a question is missed, the LAST place team gets the first chance to steal, followed by the next to last place team, followed by the 2nd place team. The team in 1st place NEVER has the opportunity for a steal.If a steal is earned by a team, the team gets the original points, plus 1 pick at on the Checkerboard for BONUS points!

How about some Toss Up Questions?

Toss Up Question for 40 points…. In which economic system is the government the MOST influential? COMMAND

Toss Up Question for 50 points…. Which economic term refers to capital, natural, and labor resources? PRODUCTIVE

Toss Up Question for 30 points…. Which LEVEL of INDUSTRY invents new products, does research to produce new ideas, and discovers new ideas in science? QUATERNARY

Toss Up Question for 45 points…. Which economic system is used in both Cuba and North Korea? COMMAND

Toss Up Question for 50 points…. You shop around at different video stores to find the cheapest video. Eventually, you find it cheapest online. What type of economic system would support this scenario? MARKET

Jeopardy Version 2.0 Round 1: Types of Economies An economic system is a system of organizing _______ [LEWAHT] & resources. 10 WEALTH In a TRADITIONAL economy, ________ [SOINISEDC] are made based on how things have been done in the past. DECISIONS 20 In a MARKET economy, resources are owned by private ____________ [IIENSZTC] & economic answers come from those participating in the economy. 30 CITIZENS In a COMMAND economy, the ______________ [NMREENVTGO] makes the economic decisions & owns most of the property. GOVERNMENT 40 CAPITALISM Other names for a market economy include _____________ [ACIPTAILSM], free market system, & laissez-faire. 50

Jeopardy V 2.0 Round 2: Types of Resources __________ [UTRAANL] resources are those that are found in the environment, such as trees & coal. NATURAL 10 Natural resources are ________________ [AEBLNWEER] if they CAN be replenished naturally. RENEWABLE 20 __________ [BAORL] resources are the people who work. LABOR 30 ___________ [LATPCAI] resources include goods used to make other goods or provide a service. CAPITAL 40 ___________________ [TEVIDUCPRO] resources include natural resources, labor/human resources, and capital resources. PRODUCTIVE 50

Jeopardy V 2.0 Round 3: Economic Terms ANYONE who uses goods and services is known in the world of economics as a ____________ [SUNMOECR]. 10 CONSUMER A ______________ [RKAEMT] refers to ANYWHERE goods are sold or traded, such as a supermarket or the mall. MARKET 20 SCARCITY refers to an inadequate _________ [LPSUPY] of resources. (meaning not __________ [GHOUNE]. SUPPLY 30 ENOUGH SERVICES _____________ [CESVIESR] refer to a job done for someone else. 40 GOODS refer to things or items we use that are ______________ [CEDDOURP]. 50 P PROD PR PRO PRODUCED

Jeopardy V 2.0 Round 4: More Basic Information Certain countries of the world ___________ [ZLCPSEIAIE] in the kinds of goods & services that they produce. SPECIALIZE 10 An economy is the careful management of producing, distributing, & consuming ________ [AELWHT] & ___________ [CESOURRES]. 20 WEALTH RESOURCES Because of the problem of SCARCITY, each country needs an economic system to determine HOW to use its _________________ [VETIUCDOPR] resources. 30 PRODUCTIVE Countries like _________ [UBAC] & _______ ________ [ORNHT KRAEO] still use the relatively unsuccessful COMMAND economy. CUBA NORTH KOREA 40 In a ___________ [AMKRET] economy, the key idea is that it is the __________ [IRCPE] that guides workers, businesses, & consumers. MARKET 50 PRICE

Back By Popular Demand!!! Meat Battles!!! Let’s get it on!!!

TEAM 1 vs. TEAM 2 For 50 Points!

Economic Systems: Traditional, Market, or Command I recently went to Best Buy to purchase a brand new television set. I looked at their brands and prices , but before I made my purchase I quickly went to Wal-Mart to compare. I found that they had the same television for far cheaper. Therefore, I bought it there instead….which economic system would support this scenario? MARKET

Economic Systems: Traditional, Market, or Command You are a butcher. You notice that your customers are slowly beginning to buy their hot dogs, hamburgers, filets, short ribs, rump roast, pork chops, etc. at the recently opened “Meats 4 Less” down the street. Now you too must lower your prices in order to stay in business. Which economic system is being described in this scenario? MARKET

Economic Systems: Traditional, Market, or Command Every morning, you wake up in the pre-dawn hours to help your mother and father tend the many responsibilities of being a subsistence farmer. You don’t go to school as farming skills are the only ones you require to assist your parents to provide enough food for your family to eat. This most likely is which economic system being described? TRADITIONAL

Economic Systems: Traditional, Market, or Command Awesomely stinky “Smencils” are all the rage in your neighborhood. You decide to make GIANT #2 Smencils with glitter and sell them for 50 cents more. People love this idea and you make a fantastic profit! People love GIANT smelly #2s (pencils, that is!) MARKET

Economic Systems: Traditional, Market, or Command Your government has told you to produce 5,000 pairs of tennis shoes this year and to sell them for $20.00 a pair. This is an example of which economic system? COMMAND

Economic Systems: Traditional, Market, or Command When a person goes back to college to receive more education with the knowledge that a higher paying job with better benefits will be the reward….this is the best part of which economic system? MARKET

1st Place vs. Last Place For 75 Points!

Economic Systems: Traditional, Market, or Command Everyone in your village has a job. Your job is to harvest the fields. You have this job because it belongs to your family and has for many years. Which economic system is described by this scenario? TRADITIONAL

Team 1 vs. Team 2 vs. Team 3 For 2 CHECKERBOARD PICKS!

Economic Systems: Traditional, Market, or Command It’s Thanksgiving! You visit may different grocery stores to find the BEST price on a turkey. Each store sells different turkeys at different prices. Which economic system is being described here? MARKET

Economic Systems: Traditional, Market, or Command In Cuba and North Korea, a centralized planning committee headed by the government meets regularly to decide what products the country should produce next year. Which system is used in these countries? COMMAND

Economic Systems: Traditional, Market, or Command People often still hunt and gather in tribal Africa and rural India as they have done for countless generations. Which economic system is being employed here? TRADITIONAL

Economic Systems: Traditional, Market, or Command Which economic system is often also referred to as laissez faire, capitalism, and free enterprise? MARKET

All 4 Teams!!! For 75 Points!

Economic Systems: Traditional, Market, or Command In which economic system is it the consumer that decides what to buy and how much should be charged? MARKET

Social Studies “UNSCRAMBLERS”for control of the last round. First team to solve 3 “unscramblers” gains control…..each player may ONLY successfully solve ONE “unscrambler” for his/her team.

REMUNSOC CONSUMER

AUALRTN CESOURESR NATURAL RESOURCES

RACCISTY SCARCITY

ESWGA WAGES

IMSTALIPCA CAPITALISM

MMCNOAD CNMYOOE COMMAND ECONOMY

FEER MTAEKR FREE MARKET

VIRCEESS SERVICES

MUANH ESCROUERS HUMAN RESOURCES

60 point for the last place team ONLY… What LEVEL of INDUSTRY is shown here? PRIMARY

Mr. LoSasso presents…