Directions to create Jeopardy Game Open template Save As (whatever title you choose) File open Type in categories by clicking on the text box Use the scroll bar to scroll to the Question & Answer slides Create a question to fit in each valued box for each category Directions to play Jeopardy Slide show--view show Click mouse until Jeopardy music plays Slowly click categories onto the screen Wait until the music stops playing Cave students select questions in a specific category and for a specific dollar amount Click on the selected question Click mouse again to view the answer Click on the icon head in the bottom left hand corner to return to the main menu board

Economics Unit 2 Review Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy

$100 Question from C1 As income increases, demand for inferior goods does this

$100 Answer from C1 Decreases

$200 Question from C1 This latin phrase means “all other things held constant”

$200 Answer from C1 Ceteris Paribus

$300 Question from C1 This is a measurement of how consumers react to a change in price

$300 Answer from C1 Elasticity of Demand

$400 Question from C1 This says that as prices increase, quantity supplied will increase as well

$400 Answer from C1 Law of Supply

$500 Question from C1 List all five factors that can lead to a change in demand

$500 Answer from C1 1)Income 2)Consumer Expectations 3)Consumer Tastes/Advertising 4)Population 5)Price of Substitutes/Complements

$100 Question from C2 Which of the following graphs correctly shows what would happen if the price of a good increased? A B C

$100 Answer from C2 A

$200 Question from C2 Demand for these sorts of goods increases as income increases

$200 Answer from C2 Normal Goods

$300 Question from C2 This is the formula for calculating elasticity

$300 Answer from C2 % change in Q % change in P % change: original-new *100 original

$400 Question from C2 Rent control is an example of one of these government policies that set a maximum price that businesses cannot exceed.

$400 Answer from C2 Price Ceiling

$500 Question from C2 One consequence of a minimum wage is that it will generate this: a term for when quantity supplied is greater than quantity demanded

$500 Answer from C2 Excess Supply/Surplus

$100 Question from C3 A firm that hires a sixth worker will begin to experience this; a term for when the last worker hired is less productive than the ones before him Marginal Product of Labor Labor (number of workers) Output (cookies per hour) Marginal product of labor 00— –1

$100 Answer from C3 Diminishing Marginal returns

$200 Question from C3 What are the equilibrium price and quantity in this graph?

$200 Answer from C3 Price: $1.50 Quantity: 200

$300 Question from C3 What is the relationship between chicken and beef?

$300 Answer from C3 Substitutes

$400 Question from C3 A market place where 2-4 firms produce the majority of the output is called this

$400 Answer from C3 Oligopoly

$500 Question from C3 Many firms selling products that are similar but that have some differences are operating in this market structure

$500 Answer from C3 Monopolistic competition

$100 Question from C4 A market structure where many sellers have little to no control over price because their products are identical

$100 Answer from C4 Perfect Competition

$200 Question from C4 Offering different colors or styles of the same product is an example of this; a way that firms in monopolistic competition differentiate their product without changing the pricetag

$200 Answer from C4 Nonprice Competition

$300 Question from C4 A monopoly has this many sellers

$300 Answer from C4 One

$400 Question from C4 This is money that the government pays firms to encourage production. It shifts supply curves to the right.

$400 Answer from C4 Subsidy

$500 Question from C4 A tax imposed on the sale or production of a good or service is called ____________ and introducing one will cause supply to move _______________ (fill in the blanks)

$500 Answer from C4 a)Excise tax b)To the left

$100 Question from C5 This determines who gets the goods and services in a market economy

$100 Answer from C5 PRICE

$200 Question from C5 Excess supply will do this to prices

$200 Answer from C5 Cause prices to decrease

$300 Question from C5 If there is no government interference, a market in disequilibrium will do this

$300 Answer from C5 Move towards equilibrium

$400 Question from C5 This type of market operates most efficiently with only a single seller

$400 Answer from C5 Natural monopoly

$500 Question from C5 List all factors that cause a change in supply

$500 Answer from C5 1)Input costs 2)Subsidies 3)Excise Taxes 4)Regulation 5)Future Prices 6)Number of suppliers

Final Jeopardy 1)Calculate the elasticity of demand for graham crackers if a 10% increase in price causes sales to increase from 600 to )Is demand elastic or inelastic?

Final Jeopardy Answer 1)3.3 2)Elastic