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Economics Review Jeopardy

Economics Review Jeopardy. What is Economics?. Economic Systems. Demand & Supply. 1st Half. Consumer. Q $100. Q $100. Q $100. Q $100. Q $100. Q $200. Q $200. Q $200. Q $200. Q $200. Q $300. Q $300. Q $300. Q $300. Q $300. Q $400. Q $400. Q $400. Q $400. Q $400. Q $500.

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Economics Review Jeopardy

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  1. Economics Review Jeopardy What is Economics? Economic Systems Demand & Supply 1st Half Consumer Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Q $200 Q $200 Q $300 Q $300 Q $300 Q $300 Q $300 Q $400 Q $400 Q $400 Q $400 Q $400 Q $500 Q $500 Q $500 Q $500 Q $500 Final Jeopardy

  2. $100 Question from What is Economics A company’s office building is an example of what type of factor of production?

  3. $100 Answer from What is Economics Capital

  4. $200 Question from What is Economics True or False. Temporary workers are an example of labor.

  5. $200 Answer from What is Economics True

  6. $300 Question from What is Economics What is the most basic problem of economics?

  7. $300 Answer from What is Economics Scarcity

  8. $400 Question from What is Economics Combining land, labor, and capital make resources _____ valuable.

  9. $400 Answer from What is Economics More

  10. $500 Question from What is Economics What are the five factors of production?

  11. $500 Answer from What is Economics Land, labor, capital, entrepreneurship, and technology

  12. $100 Question from Economic Systems True or False. In a command economy, economic decisions are made by individuals.

  13. $100 Answer from Economic Systems False

  14. $200 Question from Economic Systems It is easier to start your own business in a _________ economy.

  15. $200 Answer from Economic Systems Free Enterprise OR Capitalist OR Laissez-faire

  16. $300 Question from Economic Systems Name two countries with a command economy.

  17. $300 Answer from Economic Systems China, North Korea, Nazi Germany

  18. $400 Question from Economic Systems In a capitalist system, most property is ________ property.

  19. $400 Answer from Economic Systems Private

  20. $500 Question from Economic Systems What are the three basic economic questions answered by all economies?

  21. $500 Answer from Economic Systems What to produce? How to produce? For whom to produce?

  22. $100 Question from Demand and Supply According to the law of demand, if price goes up, the quantity demanded will _________.

  23. $100 Answer from Demand and Supply Decrease (go down)

  24. $200 Question from Demand and Supply According to the law of supply, higher prices prompt producers to ___________.

  25. $200 Answer from Demand and Supply Produce More

  26. $300 Question from Demand and Supply When the price of a good is too high for consumers, they look for _____ goods.

  27. $300 Answer from Demand and Supply Substitute

  28. $400 Question from Demand and Supply Demand for one particular brand of coffee is probably (elastic or inelastic).

  29. $400 Answer from Demand and Supply Elastic

  30. $500 Question from Demand and Supply What is the principle that states that the more you have of something, the less satisfaction you will get from an additional unit?

  31. $500 Answer from Demand and Supply Law of Diminishing Marginal Utility

  32. $100 Question from Consumer What is the term for anyone who buys or uses a good or service?

  33. $100 Answer from Consumer Consumer

  34. $200 Question from Consumer What is a promise to repair or replace a faulty product within a certain time?

  35. $200 Answer from Consumer Warranty

  36. $300 Question from Consumer Every purchase decision involves the use of what two scarce resources?

  37. $300 Answer from Consumer Time and Income

  38. $400 Question from Consumer What is the term for money people have left after they have paid their taxes?

  39. $400 Answer from Consumer Discretionary Income

  40. $500 Question from Consumer Name the five consumer rights.

  41. $500 Answer from Consumer Right to choose Right to be informed Right to be heard Right to redress Right to safety

  42. $100 Question from First Half “Bait and Switch” is an example of _____ advertising.

  43. $100 Answer from First Half Deceptive

  44. $200 Question from First Half Scarcity exists because people's needs and wants are _________.

  45. $200 Answer from First Half Unlimited

  46. $300 Question from First Half What is most influential aspect of a product or service?

  47. $300 Answer from First Half Price

  48. $400 Question from First Half What is the term for the legal maximum that may be charged for a particular good or service?

  49. $400 Answer from First Half Price Ceiling

  50. $500 Question from First Half What is a graph showing the maximum combination of goods and services that can be produced from a fixed amount of resources?

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