unit 1 jeopardy - duke

This is This is Jeopardy!Jeopardy!Unit 1 Exam ReviewUnit 1 Exam Review

Jeopardy (Round 1)Jeopardy (Round 1)

100

200

300

400

500

Economic Systems

300 300 300300

400 400 400 400

500 500 500 500

200 200 200 200

100 100 100 100

PriceWhat is Econ? SupplyDeman

d

JeopardyJeopardy (Round 2)(Round 2)

600

700

800

900

1000

600

700

800

900

1000

600

700

800

900

1000

600

700

800

900

1000

600

700

800

900

1000

Economic Systems Demand Price /

Supply

Economic terms

RandomRandom

Final JeopardyFinal JeopardyThis effect, This effect,

brought on by brought on by competition, can competition, can cause a demand cause a demand curve to shift to curve to shift to

the left.the left.

Substitution Substitution EffectEffect

Economic Economic

SystemsSystems(100)(100)This philosopher This philosopher believed in the believed in the

free market and free market and an “Invisible an “Invisible

Hand”.Hand”.

Adam SmithAdam Smith

Economic Systems Economic Systems

(200)(200)In this economy In this economy the government the government

makes all the makes all the decisions.decisions.

Centrally Centrally PlannedPlanned

(Command)(Command)


(300)(300)The incentive The incentive for for

manufacturers manufacturers to sell their to sell their products.products.

ProfitProfit

This is the This is the struggle between struggle between various producers various producers

for consumer for consumer business.business.


(400)(400)

CompetitionCompetition


(500)(500)In this system the In this system the marketplace does marketplace does

not provide for not provide for certain needs certain needs because the because the

government does government does not exist.not exist.

Free MarketFree Market

What is Econ? (100)What is Econ? (100)

The resources The resources used to make all used to make all

goods and goods and services.services.

Factors of Factors of ProductionsProductions

What is Econ? (200)What is Econ? (200)Resources that are Resources that are made by humans made by humans

and used to create and used to create other goods and other goods and

services.services.

CapitalCapital


All goods and All goods and services are this services are this

because all because all resources are this resources are this

as well.as well.

ScarcScarcee


The most The most desirable desirable

alternative given alternative given up in any up in any decision.decision.

OpportunitOpportunity Costy Cost


A factory A factory building would building would be an example be an example

of this…of this…

Physical Physical CapitalCapital

Demand (100)

This is created This is created when a consumer is when a consumer is able and willing to able and willing to

buy a good or buy a good or service.service.

DemanDemandd

Demand (200)

This is illustrated This is illustrated when a good’s when a good’s price is low and price is low and

people buy more people buy more of it.of it.

Law of Law of DemandDemand

Demand (300)Demand for an Demand for an item will shift to item will shift to

the right if people the right if people know the price know the price

will do this in the will do this in the future.future.

RiseRise

Demand (400)

A price increase A price increase that does not that does not

have a significant have a significant impact on buying impact on buying habits illustrates habits illustrates

this…this…

InelasticityInelasticity

Demand (500)

Latin term for Latin term for ““all all other things held other things held

constant,constant,”” assuming that only assuming that only

price should be price should be taken into account.taken into account.

Ceteris Ceteris ParibusParibus

Supply (100)

This is displayed if This is displayed if a store increases a store increases

the amount of the amount of items sold and the items sold and the

price they sell them price they sell them at.at.

Law of Law of SupplySupply

Supply (200)(200)

Rent would be Rent would be this type of this type of

cost.cost.

FixedFixed

Supply (300)

An increase in An increase in minimum wage minimum wage would cause a would cause a

supply curve to shift supply curve to shift this way.this way.

LeftLeft

Supply (400)

Apples would Apples would be this type of be this type of

supply supply elasticity.elasticity.

InelasticInelastic

Supply (500)

This factor has This factor has the greatest the greatest

influence on the influence on the elasticity of elasticity of

supply.supply.

TimeTime

Price (100)Price (100)

The smallest The smallest amount that can amount that can legally be paid to legally be paid to a worker for an a worker for an hourly wage.hourly wage.

MinimuMinimum Wagem Wage


This is achieved This is achieved when buyers and when buyers and

sellers reach a sellers reach a price they agree price they agree

upon.upon.

EquilibriumEquilibrium


This interaction This interaction determines the determines the price and the price and the

quantity of most quantity of most goods produced.goods produced.

Supply Supply and and

DemandDemand


Government will Government will generally place a generally place a price ceiling on price ceiling on these types of these types of

goods.goods.

Essential but Essential but too too

expensive expensive for for

consumers.consumers.


How old is Mr. Chance?How old is Mr. Chance?If supply increases If supply increases and the demand is and the demand is exceeded, what will exceeded, what will happen to the price happen to the price

of a good or of a good or service.service.

It will It will dropdrop

Economic Systems (600)Economic Systems (600)

A method used by A method used by a society to a society to produce and produce and

distribute goods distribute goods and services.and services.

EconomiEconomic Systemc System


A French term A French term asking asking

government to government to stay out of the stay out of the marketplace.marketplace.

Laissez-faireLaissez-faire


Give two ways in Give two ways in which a which a

government can government can intervene in a intervene in a

mixed economy.mixed economy.

TaxTaxRegulateRegulate

Make LawsMake LawsSubsidySubsidy


What two What two countries countries

currently use a currently use a command command economy?economy?

CubaCubaN. KoreaN. Korea


One’s own One’s own personal personal

gaingain

Self-InterestSelf-Interest

Demand (600)Demand (600)

The measure used The measure used to tell how to tell how

consumers will react consumers will react to a change in the to a change in the

price of a good.price of a good.

ElasticitElasticityy


This graphic This graphic representations representations

tells how much of tells how much of one good will be one good will be sold at a certain sold at a certain

price.price.

Demand Demand CurveCurve


These goods are These goods are consumed more consumed more

when the price of when the price of another has risen.another has risen.

SubstituteSubstitute


Goods that are Goods that are bought and bought and used along used along

with another with another good.good.

ComplemenComplementt


The demand of The demand of these goods falls these goods falls

when income when income rises.rises.

Inferior GoodsInferior Goods

Price / Supply (600)Price / Supply (600)

The law stating The law stating that a supplier will that a supplier will

offer more of a offer more of a good at a higher good at a higher

price.price.

Law of SupplyLaw of Supply


The change in The change in output from output from hiring one hiring one

additional unit of additional unit of labor.labor.

Marginal Marginal Product of Product of

LaborLabor


The cost of The cost of producing one producing one more unit of a more unit of a

good.good.

MarginMarginal Costal Cost


A government A government payment that payment that

supports a supports a business or business or

market.market.

SubsidySubsidy


The additional The additional income from income from

selling one more selling one more unit of a good.unit of a good.

Marginal Marginal RevenueRevenue

Economic Terms (600)Economic Terms (600)

When you decide to When you decide to do a little more or do a little more or

less of something, it less of something, it is called…is called…

• Thinking at the Thinking at the marginmargin

• Marginal cost v. Marginal cost v. marginal benefitmarginal benefit


This is the limited This is the limited quantities of quantities of

resources needed resources needed meet unlimited meet unlimited

needs or desires.needs or desires.

ScarcityScarcity


When an economy When an economy or business uses or business uses fewer resources fewer resources

than the economy is than the economy is capable of using.capable of using.

UnderutilizatiUnderutilizationon


This chart or graph This chart or graph tells the alternative tells the alternative

ways to use an ways to use an economy’s economy’s resources.resources.

Production Production PossibilitiePossibilitie

s Graphs Graph


The use of The use of resources in a way resources in a way

that maximizes that maximizes output of goods output of goods

and services.and services.

EfficiencEfficiencyy

Random (600)Random (600)

An economic side effect of An economic side effect of a good or service that a good or service that

generates benefits or costs generates benefits or costs (often unintended) to (often unintended) to

someone other than the someone other than the person deciding how much person deciding how much

to produce or consume.to produce or consume.

ExternalityExternality


A A characteristic characteristic of a centrally of a centrally

planed planed economy.economy.

• Low unemployment Low unemployment • Less class distinctionLess class distinction• Basic needs are metBasic needs are met• Government owns the Government owns the

factors of productionfactors of production• Little consumer choiceLittle consumer choice• Quantity not qualityQuantity not quality• No incentive for the No incentive for the

workersworkers• Sacrifice individual Sacrifice individual

freedomsfreedoms


These are all other These are all other alternatives that we alternatives that we

give up when we give up when we choose one course choose one course

of action over of action over another.another.

Trade-Trade-offsoffs


The three The three factors of factors of

production.production.

Land, Labor, Land, Labor, & Capital & Capital


The government The government can intervene in can intervene in

a mixed a mixed economy by economy by doing this…doing this…

• Setting Setting RegulationsRegulations• TaxesTaxes• PatentsPatents

• Property RightsProperty Rights

I hope you study.I hope you study.

unit 1 jeopardy - duke

Education

goods andmake

goods andcreate

servicesall goods

goods price iswhen

demand curvecause

consumer business

tothe resources

jeopardyjeopardy round