Economic Concepts Jeopardy

1. Economic Concepts Jeopardy Final Question

2. Anagrams 100 An item that lasts more than 3 years when used routinely (2-Words) u r a l e b d o o d g Unscramble the above letters to find the name of the item. Answer: Durable Good Back to Questions

3. Anagrams 200 Process of using up goods and services to satisfy wants and needs. n o t i m p s n o c u Answer: Consumption Back to Questions

4. Anagrams 300 Goods and services that are useful, relatively scarce, and transferable to others (Two-Words) m o e o c c i n t c d p o r u s Answer: Economic Products Back to Questions

5. Anagrams 400 Actions in one part of the country or world have an impact on another part of a country or world is known as what (Two-Words) m e o o c c n i d p d i t e e e r n n d c e e Answer: Economic Interdependence Back to Questions

6. Anagrams 500 An economic tool that economists use to predict where resources can be most fully utilized or lack thereof (Three-Words). n o p o u c d i r t s s i b o l t p i i e i s n t i e f o r r Answer: Production Possibilities Frontier Back to Questions

7. Value, Utility, & Wealth - 100 Something that has worth and can be expressed in dollars and cents. Answer: Value Back to Questions

8. Value, Utility, & Wealth - 200 Water being a major need having little monetary value compared to diamonds which are a want having much monetary value. Answer: Paradox of Value Back to Questions

9. Value, Utility, & Wealth - 300 “For something to have value, it must also have ___________, or the capacity to be useful to someone.” Answer: Utility Back to Questions

10. Value, Utility, & Wealth - 400 Capable of being touched; essentially, real and not imaginary. Answer: Tangible Back to Questions

11. Value, Utility, & Wealth - 500 Point Doubler The sum of a nation’s economic products that are tangible, scarce, useful, and transferable from one person to another – Similar to GDP. Answer: Wealth Back to Questions

12. Adam Smith 100 According to Smith, productivity increases as workers become more ____________. Answer: Skilled Back to Questions

13. Adam Smith 200 Smith argued that a nation’s wealth was the sum of what instead of who owned them? A. Laissez-Faire B. Goods Produced by Labor C. Invisible Hand Answer: B. Goods Produced by Labor Back to Questions

14. Adam Smith 300 Smith also argued that competition, together with the free market system, could act as what? It guided resources to their most productive use. Answer: Invisible Hand Back to Questions

15. Adam Smith 400 No government tampering in economic activity which also became a watchword in Great Britain is known as what? Answer: laissez-faire Back to Questions

16. Adam Smith 500 Evil Point Doubler! Another team chooses how much you will wager! • Smith was known as what? • Economist & Philosopher • Politician & Strategist • Entrepreneur & Diplomat Answer: A. Economist & Philosopher Back to Questions

17. Goods, Services, & Consumers - 100 A manufactured good used to produce other goods. Answer: Capital Goods Back to Questions

18. Goods, Services, & Consumers - 200 A good that lasts less than 3 years when used on a regular basis. Answer: Nondurable Good Back to Questions

19. Goods, Services, & Consumers - 300 Something that is not tangible and performed for someone, possible a customer. Answer: Service Back to Questions

20. Goods, Services, & Consumers - 400 The use of goods to impress others. Answer: Conspicuous Consumption Back to Questions

21. Goods, Services, & Consumers - 500 Something that is intended for final use by an individual. Answer: Consumer Good Back to Questions

22. Economic Interdependence - 100 Location or mechanism that allows buyers and sellers to deal readily in a certain economic product. Answer: Market Back to Questions

23. Economic Interdependence - 200 An economy where consumers and privately owned businesses, rather than the government, jointly make the majority of the WHAT, HOW, and FOR WHOM decisions. Answer: Free Enterprise Economy Back to Questions

24. Economic Interdependence - 300 When individuals receive their incomes, they spend it where? A) The Mall B) Factor Market C) Product Market Answer: C. Product Market Back to Questions

25. Economic Interdependence - 400 Where do individuals receive their incomes? Also know as a place where productive resources are bought and sold. Answer: Factor Market Back to Questions

26. Economic Interdependence - 500 Relating to Baldwin, Wisconsin, the United States, and the World, how does the flow of economic activity take place among individuals, factor & product markets, and business? A. Triangular B. Quadrilaterally C. Circular Answer: Circular Back to Questions

27. Productivity - 100 What is the term for hiring labor for a specific job that they are skilled at? Answer: Specialization Back to Questions

28. Productivity - 200 The sum of skills, abilities, health, and motivation of people. Answer: Human Capital Back to Questions

29. Productivity - 300 When a worker performs fewer tasks more frequently and becomes more specialized or an expert in those tasks. Answer: Division of Labor Back to Questions

30. Productivity - 400 When does productivity go up? A. When input exceeds output B. When output increases with the same or less amount of input. C. At the Stock Exchange closes Answer: B. When output increases with the same or less amount of input. Back to Questions

31. Productivity - 500 Point Doubler If you were a farmer considering purchasing capital goods, what would be the most important. A. New & Innovative Machinery B. More Productive Seeds C. Land with Fertile/Rich Soil Answer: C. Land with Fertile/Rich Soil Back to Questions

32. Final Question Category : Money Decide how much you want to risk If you take the coin and bill Lincoln is on, the coin and bill Jefferson is on, and the coin and bill Washington is on, how much money would you have? (Note: Do not use the Presidential $1 coins) Answer:$8.31 Back to Questions