Jeopardy Economic Systems Supply and Demand Vocabulary Vocabulary 2 Economic Development Vocabulary Vocabulary 2 Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Q $200 Q $200 Q $300 Q $300 Q $300 Q $300 Q $300 Q $400 Q $400 Q $400 Q $400 Q $400 Q $500 Q $500 Q $500 Q $500 Q $500 Final Jeopardy

$100 Question-Vocabulary This is NOT one of the three basic economic questions. a.) What should be produced? b.) When can it be produced? c.) How should it be produced? d.) Who gets what is produced?

What is b.) When can it be produced? $100 Answer-Vocabulary What is b.) When can it be produced?

$200 Question-Vocabulary The problem of scarcity is based on two facts a.) producers vs. consumers b.) imports vs. exports c.) unlimited wants vs. limited resources d.) goods vs. services

What is c.) unlimited wants vs. limited resources? $200 Answer-Vocabulary What is c.) unlimited wants vs. limited resources?

$300 Question-Vocabulary These are actions people perform for others.

$300 Answer-Vocabulary What are services?

$400 Question-Vocabulary Erin could make $24 babysitting but goes to her grandma’s party instead. The money she would have made is an example of this.

What is opportunity cost? $400 Answer-Vocabulary What is opportunity cost?

$500 Question-Vocabulary Those things we make in order to make other goods or to perform services, such as a hammer.

$500 Answer-Vocabulary What are capital goods?

$100 Question-Vocabulary 2 Japan does not have the oil it needs to meet its demands, so they it from other countries. a.) import b.) export

$100 Answer-Vocabulary 2 What is a.) import?

$200 Question-Vocabulary 2 This is when regions/nations make certain goods based on the productive resources available a.) infrastructure b.) International trade c.) specialization

What is c.) specialization? $200 Answer-Vocabulary 2 What is c.) specialization?

$300 Question-Vocabulary 2 This term refers to the price paid for borrowing money.

$300 Answer-Vocabulary 2 What is interest?

$400 Question-Vocabulary 2 Natural resources, human resources, and capital goods are the three main types of these.

What are productive resources? $400 Answer-Vocabulary 2 What are productive resources?

$500 Question-Vocabulary 2 This term refers to a decline in economic growth for six or more months in a row.

$500 Answer-Vocabulary 2 What is a recession?

$100 Question-Economic Systems In a market economy, increased competition often leads businesses to do what? a.) lower their prices b.) raise their prices c.)keep their prices the same

$100 Answer-Economic Systems What is a.) lower their prices?

$200 Question-Economic Systems This is the driving force of a market economy a.) wanting to put government first b.) a motive of self-interest c.) a motive of helping others

$200 Answer-Economic Systems What is b.) a motive of self-interest?

$300 Question-Economic Systems In this economic system, the government has the most control

$300 Answer-Economic Systems What is Command?

$400 Question-Economic Systems In this type of economy, the need to survive motivates people to hunt, gather, or farm.

$400 Answer-Economic Systems What is Traditional?

$500 Question-Economic Systems This is an economy where both government and private businesses are involved in goods and services

$500 Answer-Economic Systems What is Mixed?

$100 Question-Supply and Demand I own an oil refinery. Summer is coming and people are going to be driving everywhere. Therefore, this is the case. a.) Demand is high so the price will drop b.) Demand is high so the price will go up c.) Demand is low so the price will go up

$100 Answer-Supply and Demand What is b.) Demand is high so the price will go up?

$200 Question-Supply and Demand This happens when there is a shortage of goods. a.) There’s too much of the goods so prices go up b.) There’s too little supply of the goods so prices go down c.) There’s too much of the goods so prices go down d.) There’s too little supply of the goods so prices go up

$200 Answer-Supply and Demand What is d.) There’s too little supply of the goods so prices go up?

$300 Question-Supply and Demand This would happen to supply and prices if a newly invented machine suddenly made producing ice cream less costly.

$300 Answer-Supply and Demand What is the supply would increase and prices would drop?

$400 Question-Supply and Demand This is what supply, demand, and price would be if a popular band came out with their new album and everyone started raving about it. However, only one store is selling the album.

$400 Answer-Supply and Demand What is the supply would be low, the demand would be high, and the price would go up?

$500 Question-Supply and Demand This would happen to the market price of blueberries if production increased by 56%.

$500 Answer-Supply and Demand What is the market price would decrease?

$100 Question-Economic Development This is a country with low standards of living, less advanced technologies, and a low income per capita. a.) Developed Nation b.) Developing Nation

$100 Answer-Economic Development What is b.) Developing Nation?

$200 Question-Economic Development This is a characteristic of a developed country. a.) Not many citizens can read or write b.) The G.D.P. is high c.) The life expectancy of people is low

$200 Answer-Economic Development What b.) The G.D.P. is high?

$300 Question-Economic Development This type of social data used to rank countries refers to the percentage of people who can read and write.

$300 Answer-Economic Development What is literacy rate?

$400 Question-Economic Development This type of demographic data used to rank countries refers to the number of baby deaths per 1,000 births .

$400 Answer-Economic Development What is infant mortality rate?

$500 Question-Economic Development This type of economic data used to rank countries refers to the total amount of goods and services made in a nation in one year.

$500 Answer-Economic Development What is Gross Domestic Product (G.D.P.)?

Name 4 of the 6 factors that cause changes in supply and demand Final Jeopardy Name 4 of the 6 factors that cause changes in supply and demand

Final Jeopardy Answer New competition Changes in the amount of money consumers have to spend Changes in tastes, preferences, and attitudes Changing expectations for the future Changes in the price of substitute goods and services Changes in the cost of production