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Econ Review!. Please Get Ready To Start The Game!. Rules of the Game!. We will have two teams! Team 1 will go first, then team 2 All answers to the questions will be given after each question The team with the highest score wins the game!
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Econ Review! Please Get Ready To Start The Game!
Rules of the Game! • We will have two teams! • Team 1 will go first, then team 2 • All answers to the questions will be given after each question • The team with the highest score wins the game! • Each team gets three strikes or wrong answers! After that the second team goes! • Each Question will be worth 5 points • Points will be added at the end of the game to announce the winning team! • If both teams answer the questions correctly we will go into a bonus round of one question! Whichever team can give the best answer, which will be judged by our group, wins the game!!
Attention Team 1 • Please get your team ready the round is about to start!
Question 1 • What is the definition of economics?
Answer to Question 1 • Social science that deals with making choices about how we use our resources and money.
Question 2 • Can you state the law of scarcity?
Answer to Question 2 • All things are limited. In order to get something you have to give something up.
Question 3 • What are the 3 questions of production?
Answer to Question 3 • 1. What should be produced? • 2. For whom is it produced? • 3. How should we produce it?
Question 4 • What does a consumption possibility curve show? A production possibility curve?
Answer to Question 4 • Consumption: With a given amount of money, how much can be spent on A and B. • Production: With a given amount of materials and money and two products to produce, how much can a producers produce of each.
Question 5 (last question for Team 1) • What are the 4 factors of production?
Answer to Question 5 • Land, labor, capital, management
Attention Team 2 • Please get your team ready for the questions! • Lets go!
Question 1 • What are the 3 types of economies?
Answer to Question 1 • Traditional, market, command
Question 2 • Which type of economy is ours? • Define it.
Answer to Question 2 • Market: It based on supply and demand and controlled by the people.
Question 3 • Define command economy.
Answer to Question 3 • Completely controlled by government.
Question 4 • What is the law of supply?
Answer to Question 4 • A prices go up, producers can produce more…
Question 5 (Last question for Team 2) • State the law of demand.
Answer to Question 5 • As prices go up, consumers demand less…
Bonus Round Question!! • What does a supply curve show?
Answer to Bonus Round! • How much of a certain good producers are willing to make at various prices.