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Economics Jeopardy Unit 1 & 2: Foundations in Economics/Macroeconomics

Test your knowledge of economics with this Jeopardy game. Explore topics such as surplus, supply and demand, economic systems, and human nature.

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Economics Jeopardy Unit 1 & 2: Foundations in Economics/Macroeconomics

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  1. Economics Jeopardy

  2. Unit 1 & 2:Foundations in Economics/Macroeconomics

  3. Surplus Supply and Demand Getting Started Economic Systems Its Human Nature final $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500

  4. $100 Getting Started The resources used to make goods and services are called this

  5. $100 Getting Started • What are factors of production • Land • Labor • Capital

  6. $200 Getting Started • Oil, engineers, and drills • Income, workers, & money Or • Farmers, importers and exporters Which of the above sets include the 3 factors of production?

  7. $200 Getting Started • What is oil (land) • Engineers (labor) • and Drills (capital)

  8. $300 Getting Started • Resources in any society are scarce so a society must make this decision first…

  9. $300 Getting Started • What is make choices how to use their resources

  10. $400 Getting Started • The amount of money they have • The quality and quantity of land, labor, and capital resources or 3. Exchange rates of currency Which of the above limits an economy’s potential output?

  11. $400 Getting Started • What is the quality and quantity of land, labor, and capital resources

  12. $500 Getting Started • The price of burgers doubled and the price of tacos stayed the same, how would people respond?

  13. $500 Getting Started • What is buy more tacos and less burger?

  14. $100 Economic Systems • An advantage of this type of market system is that it offers the greatest variety of goods and services to the consumer

  15. $100 Economic Systems • What is a FREE market system

  16. $200 Economic Systems • The Unites States economy is best described as this

  17. $200 Economic Systems • What is a Mixed Market

  18. $300 Economic Systems In economics, this term refers to when assets owned by the governments are sold to individuals or business

  19. $300 Economic Systems • What is “Privatization”

  20. $400 Economic Systems • In a market economy, people act in self interest depending on the individuals particular wants…this helps public interest because it does this to the markets

  21. $400 Economic Systems • What is make them competitive with a variety of product

  22. $500 Economic Systems • In this kind of market system the Government decides how to allocate resources

  23. $500 Economic Systems • What is a Command system • (Centrally planned)

  24. $100 Supply and Demand • The price of products in a competitive market are determined by these two factors

  25. $100 Supply and Demand • What is Supply and Demand

  26. $200 Supply and Demand As the price of an item increases, what happens to the quantity demanded?

  27. $200 Supply and Demand What is demand decreases

  28. $300Supply and Demand • The quantity of a good or service a producer is willing and able to produce at different possible prices

  29. $300 Chart Toppers • What is Supply

  30. s P P1 P0 D1 D0 0 Q0 Q1 Q $400 Supply and Demand • What has occurred to market price and quantity • in the graph? D0-Original Demand D1-New Demand

  31. $400 Supply and Demand • Price increased and quantity increased

  32. DAILY DOUBLE

  33. $500 Supply and Demand If demand for MKS Studios music recording time increases, what impact will this have on wages and number of workers employed at MKS Studios?

  34. $500 Supply and Demand • What is an increase in wages and number of employed

  35. $100 It’s Human Nature • This is how consumers make their desires known to the government… • And this is how they make their desires known to businesses • (2 part answer)

  36. $100 It’s Human Nature • What is by voting and buying

  37. $200 It’s Human Nature • The economic system where people trade for the goods they need or want is called this

  38. $200 It’s Human Nature • What is a Free Market system

  39. $300 It’s Human Nature • Entrepreneurs take the risk of ownership in the pursuit of this

  40. $300 It’s Human Nature • What is Profits ($$$)

  41. $400 It’s Human Nature Where are consumers most likely going to spend their money?

  42. $400 It’s Human Nature • What is to satisfy specific needs and wants

  43. $500 It’s Human Nature You Buy a 50 inch Plasma HDTV What is your OPPORTUNITY COST

  44. $500 It’s Human Nature • What is other goods and services given up to buy the TV

  45. $100 Surplus In the United States these 3 groups decide what goods and services should be produced

  46. $100 Surplus Producers, Consumers and Government

  47. $200 Surplus When people’s wants and needs exceed the resources available you get this

  48. $200 Surplus What is scarcity

  49. $300 Surplus This is what you call a person who starts a business

  50. $300 Surplus What is an entrepreneur

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