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Jeopardy

Jeopardy. Choose a category. You will be given the answer. You must give the correct question. Click to begin. Choose a point value. Choose a point value. Click here for Final Jeopardy. Key Terms. Factors of Production. PPCs. More PPCs. Fundamental Concepts. Key Terms.

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Jeopardy

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  1. Jeopardy Choose a category. You will be given the answer. You must give the correct question. Click to begin.

  2. Choose a point value. Choose a point value. Click here for Final Jeopardy

  3. Key Terms Factors of Production PPCs More PPCs Fundamental Concepts Key Terms 10 Point 10 Point 10 Point 10 Point 10 Point 10 Point 20 Points 20 Points 20 Points 20 Points 20 Points 20 Points 30 Points 30 Points 30 Points 30 Points 30 Points 30 Points 40 Points 40 Points 40 Points 40 Points 40 Points 40 Points 50 Points 50 Points 50 Points 50 Points 50 Points 50 Points

  4. This is the study of choices when there is scarcity

  5. What is Economics?

  6. Fundamental economic problem facing all societies that results from a combination of scarce resources and people’s unlimited wants.

  7. What is scarcity?

  8. This means the value of the best alternative given up.

  9. What is opportunity cost?

  10. This is a way of thinking about a choice that compares the cost of an action to it’s benefits

  11. What is a cost benefit analysis?

  12. This term means when we sacrifice one thing to obtain another

  13. What is Trade Off?

  14. A hammer is an example of this type of productive resource.

  15. What is physical capital?

  16. Physical and mental effort people use to produce goods and services

  17. What is Labor?

  18. A college degree is this type of productive resource.

  19. What is human capital?

  20. The factors of production are used to produce these two things.

  21. What are goods and services?

  22. Livestock represents this type of productive resource.

  23. What is land?

  24. In the time covered by the curve, the company wants to make six gallons of blue paint. The company can make this many gallons of red paint with the available resources.

  25. What is 2 gallons of red paint?

  26. The opportunity cost of producing 100 units of butter is this.

  27. What is 30 guns?

  28. Moving from point C to point A would result in a loss of this.

  29. What is Consumer Goods?

  30. The opportunity cost of moving from point D to pint A is this.

  31. What is 6 Computers?

  32. The opportunity cost of producing 6 computers instead of 8 is this.

  33. What is 2 computers?

  34. Point E on the graph represents this.

  35. What is unattainable or impossible use of resources?

  36. Point A represents this.

  37. What is efficient use of resources?

  38. This curve represents this type of opportunity cost.

  39. What is increasing opportunity cost?

  40. This curve represents this type of opportunity cost.

  41. What is constant opportunity cost?

  42. A movement from PP1 to PP2 represents this.

  43. What is economic growth?

  44. This is something that motivates or encourages one to do something.

  45. What is an incentive?

  46. A person decides to spend $20 on a ticket to a football game instead of buying a warm jacket. The opportunity cost of his decision is this.

  47. What is the jacket (and the benefits of having a warm jacket)?

  48. Economics is best defined as this.

  49. What is the study of how people make choices to satisfy their wants. ?

  50. The productive resource that brings together other resources to organize a business is this.

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