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THIS IS…. THIS IS…. JEOPARDY RULES. You will be divided into three teams. Each member of the team will take turns giving the solution. Once your host finishes reading the answer, the first person to raise their hand gets to state the answer for their team!

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THIS IS…

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  1. THIS IS…

  2. THIS IS…

  3. JEOPARDY RULES • You will be divided into three teams. • Each member of the team will take turns giving the solution. • Once your host finishes reading the answer, the first person to raise their hand gets to state the answer for their team! • The team with the most points in the end gets 3 bonus points; 2 bonus points for the team in second and 1 bonus point for third place. http://rubbercat.net/mt/2012-06/

  4. BUSINESSTYPES MARKET FORMS MARKET EQUILIBRIUM DEMAND SUPPLY

  5. Demand $200 It is the desire to use a good/service and the ability to pay for it. Demand

  6. Demand $400 When the price of goods are lower, demand for that good should… Increase

  7. Demand $600 This factor of change is when goods are used together; a rise in demand for one good will increase demand for the other. Complements

  8. Demand $800 The elasticity for the demand curve for luxury goods or goods with many substitutes is this… Elastic

  9. Demand $1,000 When the price of solar panels falls, the demand curve for wind turbines will… Shift to the Left

  10. Supply $200 These expenses vary based on the rate of production. Variable Expenses

  11. Supply $400 You will move along the supply curve if there is a change in what factor… Price

  12. Supply $600 It’s when hiring more workers improves one’s rate of production. Increasing Returns

  13. Supply $800 If producers expect the price of their product to rise in the future, the supply curve will… Shift to the Right

  14. Supply $1,000 A supply curve is this, when it takes longer to adjust production to a change in price. Inelastic

  15. Market Equilibrium $200 It’s the point where quantity supplied is the same as quantity demanded. Equilibrium Price

  16. Market Equilibrium $400 When the demand for a product goes down, this happens to equilibrium price… Price Goes Down

  17. Market Equilibrium $600 This occurs when demand is greater than supply. Shortage

  18. Market Equilibrium $800 This occurs when quantity supplied and quantity demanded are not equal. Disequilibrium

  19. Market Equilibrium $1,000 Companies conduct this in order to figure out prices at which consumers will buy goods, and prices firms will sell goods. Market Research

  20. Business Types $200 It’s when businesses merge that are involved in different steps of making or advertising for a good. A Vertical Merger

  21. Business Types $400 It’s a person who buys the right to sell a company’s product in a given area. Franchisee

  22. Business Types $600 They are businesses that are operated for the shared benefit of the owners. Conglomerate

  23. Business Types $800 Limited funds, unlimited liability and a limited life span are all disadvantages of this business. Sole Proprietorship

  24. Business Types $1,000 It’s the profit that is shared by a corporation with its stockholders… Dividend

  25. Market Forms $200 It’s when there is just one seller who can in turn control prices. A Monopoly

  26. Market Forms $400 It’s a law that protects a company’s idea or invention for a number of years. A Patent

  27. Market Forms $600 With this market type, all products are standard and buyers/sellers act independently. Pure/Perfect Competition

  28. Market Forms $800 Companies use differentiation to distinguish their products in this market structure. Monopolistic Competition

  29. Market Forms $1,000 OPEC is an example of this type of market structure. A Cartel

  30. EQUILIBRIUM WAGE

  31. EQUILIBRIUM WAGE Dell is selling computers and Apple decides to raise the price of its Mac Books by $500. Which factor of demand for Dell caused this change? What was Dell’s original equilibrium price? What is Dell’s new equilibrium price now? Draw a supply & demand curve to answer this question (LABEL EVERYTHING!)

  32. Price ($) SUPPLY 1,000 800 600 400 DEMAND 2 200 DEMAND 1 0 0 20 40 60 80 100 120 140 Quantity

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