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Econ Review!

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!

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  1. Econ Review! Please Get Ready To Start The Game!

  2. 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!!

  3. Attention Team 1 • Please get your team ready the round is about to start!

  4. Question 1 • What is the definition of economics?

  5. Answer to Question 1 • Social science that deals with making choices about how we use our resources and money.

  6. Question 2 • Can you state the law of scarcity?

  7. Answer to Question 2 • All things are limited. In order to get something you have to give something up.

  8. Question 3 • What are the 3 questions of production?

  9. Answer to Question 3 • 1. What should be produced? • 2. For whom is it produced? • 3. How should we produce it?

  10. Question 4 • What does a consumption possibility curve show? A production possibility curve?

  11. 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.

  12. Question 5 (last question for Team 1) • What are the 4 factors of production?

  13. Answer to Question 5 • Land, labor, capital, management

  14. Attention Team 2 • Please get your team ready for the questions! • Lets go!

  15. Question 1 • What are the 3 types of economies?

  16. Answer to Question 1 • Traditional, market, command

  17. Question 2 • Which type of economy is ours? • Define it.

  18. Answer to Question 2 • Market: It based on supply and demand and controlled by the people.

  19. Question 3 • Define command economy.

  20. Answer to Question 3 • Completely controlled by government.

  21. Question 4 • What is the law of supply?

  22. Answer to Question 4 • A prices go up, producers can produce more…

  23. Question 5 (Last question for Team 2) • State the law of demand.

  24. Answer to Question 5 • As prices go up, consumers demand less…

  25. Bonus Round Question!! • What does a supply curve show?

  26. Answer to Bonus Round! • How much of a certain good producers are willing to make at various prices.

  27. Thank You !!!

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