this is with host... your 100 200 300 400 500 economic systems entrepreneur/ globalization basic...
TRANSCRIPT
THIS
IS
With
Host...
Your
100 100 100 100 100 100
200 200 200 200 200 200
300 300 300 300 300 300
400 400 400 400 400 400
500 500 500 500 500 500
Economic Systems
Entrepreneur/globalization
BasicEconomics
Free Enterprise
Profit /Losses
Random
What are the two main economic systems?
A 100
Free Enterprise and Socialism
A 100
What is the most common type of economy?
A 200
Mixed Economy
A 200
Who believed all people are led by an “invisible hand”?
A 300
Adam Smith
A 300
Who created the Labor theory of value?
A 400
Karl Marx
A 400
What are 3 of the 6 major differences between a Free Enterprise and Socialist Economy?
A 500
Resources, Governments role, Economic plans, Income distribution, Controlling prices, and
Private property
A 500
What is an entrepreneur?
B 100
Someone with a special talent for searching out and taking
advantage of business opportunities, as well as
developing new products and new ways of doing things
B 100
Who benefits when an entrepreneur is successful?
B 200
Everyone (maybe not the competition)
B 200
What does offshoring mean?
B 300
Hiring people in other countries to do work at a cheaper wage
B 300
List two reasons why globalization is happening?
B 400
There are a lot…
B 400
An increase in technology and resources leads to the P.P.F.
moving which way?
B 500
Right or out
B 500
What is the definition of opportunity cost?
C 100
The most valued alternative you give up in order to do something
else.
C 100
What is the definition of scarcity?
C 200
Condition in which our wants are greater than the resources available to satisfy them.
C 200
What does a P.P.F. show?
C 300
All possible combinations of two goods that an economy
can produce in a certain period of time.
C 300
DAILY DOUBLE
C 400
DAILY DOUBLE
Place A Wager
The branch of economics that deals with human behavior and
choices as they relate to relatively small units (example: examining one tree in an entire
forest) is considered what?
C 400
Microeconomics
C 400
A good that is able to be touch or felt is called a what?
C 500
Tangible good
C 500
What are the five features of a Free Enterprise?
D 100
Private Property, Choice, Voluntary Exchange,
Competition, and Economic incentives
D 100
What are the three sectors of the Circular Flow Diagram?
D 200
business, government, and household
D 200
What is the definition of public property?
D 300
Any good that is owned by the government
D 300
From the circular flow chart, which two sectors pay taxes and to who do they pay those taxes?
D 400
1.Pay: households and business
2.They pay them to the government
D 400
From the circular flow chart, who do households sell resources
to?
D 500
Businesses
D 500
What is the equation for Total Revenue?
E 100
TR= profit of good x number of units sold
E 100
When does a loss occur?
E 200
When total cost exceeds total revenue
E 200
What is the equation for profit?
E 300
Profit = TR > TC
E 300
What are the two “signals” profit and loss send?
E 400
1. Signals firms who are actually earning the profits or taking
the losses.
2. Signals to firms standing on the sidelines
E 400
If I was to make 500 units of gum and sell them for $2 apiece, but it cost me $.10/unit of gum to
produce what is my profit?
E 500
$950
Production= 500 x $.1=$50
TR= 2$ x 500=$1,000
$1,000-$50=$950
E 500
What are the four types of resources?
F 100
Land, Labor, Capital, and Entrepreneurship
F 100
A truck is an example of which of the 4 resources?
F 200
Capital, because it is a produced good that can be used as a
resource for further production.
F 200
What countries have to decide which goods to produce?
F 300
Every single one because of scarcity
F 300
What are the three economic questions all economies must
ask?
F 400
1.What goods will be produced?
2.How will those goods be produced?
3. For whom will the goods be produced?
F 400
The terms labor and entrepreneurship mean the same thing true/false?
F 500
False
F 500
The Final Jeopardy Category is:
Economic Systems
Please record your wager.
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Under what economy is private property sacred?
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Free Enterprise
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