2. 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 10 20 30 40 50 Know that Name Factors of What??? MY EconoMY Inflation or Bust Grab Bag Competition

3. The study of how wealth is created and distributed 10 Know That Name Economics

4. The study of the decisions made by individuals and businesses Microeconomics 20 Know That Name

5. The study of the national and global economies Macroeconomics 30 Know That Name

6. Government decides what will be produced, how it will be produced, and who owns and controls the factors of production. Socialism 40 Know That Name

7. Monthly index that tracks the prices paid by consumers Consumer Price Index (CPI): 50 Know That Name

8. Name the Factor of Production: Human resources such as managers and employees Ex: employee knowledge and skills Labor 10 Factors of What??

9. Name the Factor of Production: Equipment used to produce other goods Ex: money, buildings, tools, machines Capital 20 Factors of What??

10. Asystem where the basic economic questions are determined, at least to some degree, through centralized government planning is referred to as a A system where the basic economic questions are determined, at least to some degree, through centralized government planning is referred to as a Command Economy 30 Factors of What?

11. A political system in which private citizens are free to go into business for themselves. They produce whatever they choose, and distribute what they produce Capitalism 40 Factors of What??

12. What are the four factors of production? Land, Labor, Capital, Entrepreneurship 50 Factors of What??

13. The total value of a nation's goods or services that have been adjusted for inflation Real Domestic Product 10 MY EconoMY

14. The average level of output per worker Productivity 20 MY EconoMY

15. What are the four stages of the business cycle? Peak, Recession, Trough, Recovery 30 MY EconoMY

16. All goods and services produced within the boundaries of a country Gross Domestic Product (GDP) 40 MY EconoMY

17. The United States, whose economy exhibits elements of both capitalism and socialism, has what is known as A Mixed Economy 50 MY EconoMY

18. A general rise in the price of products. Inflation 10 Inflation or Bust

19. Deflation A general decrease in the price of products. 20 Inflation or Bust

20. National Debt The total amount the federal government owes 30 Inflation or Bust

21. business cycle Fluctuations in a nation's economy are referred to as its 40 Inflation or Bust

22. New products would typically be introduced into the market at which stage of the business cycle? Peak 50 Inflation or Bust

23. True or False: Perfect competition is characterized by many buyers and many sellers TRUE 10 Competition

24. True or False: Monopolistic competition is a market situation in which similar but not identical products are available True 20 Competition

25. A market situation (or industry) in which there are few sellers Oligopoly 30 Competition

26. A market or industry with only one seller A monopoly 40 Competition

27. List the four economic questions WHAT goods and services will be produced? HOW will they be produced? FOR WHOM will they be produced? WHO owns and controls the major factors of production? 50 Competition

28. An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices, is called… Market Economy 10 Grab Bag

29. The government uses tax dollars to… Purchase resources and products needed to provide services 20 Grab Bag

30. Examples of command economies include… socialism and communism 30 Grab Bag

31. If the demand for a product declines, what happens to the price of the product? The price decreases 40 Grab Bag

32. Public utilities are often referred to as Monopolies 50 Grab Bag

33. Final Jeopardy Describe how supply and demand affect the price of a product. Describe how supply and demand affect the price of a product. Suppliers supply more product when consumers are willing to pay a higher price. Buyers demand more when a price is low. Shifts in demand and supply can change the price for products.