You will be given the answer. You must give the correct question. Jeopardy Choose a category. You will be given the answer. You must give the correct question. Click to begin.

Click here for Final Jeopardy Choose a point value. Choose a point value. Click here for Final Jeopardy

Factors of Production Scarcity, etc. Economic Decision- Making PPFs Economic Systems & Misc. 10 Point 10 Point 10 Point 10 Point 10 Point 20 Points 20 Points 20 Points 20 Points 20 Points 30 Points 30 Points 30 Points 30 Points 30 Points 40 Points 40 Points 40 Points 40 Points 40 Points 50 Points 50 Points 50 Points 50 Points 50 Points

This factor of production includes timber, water and fish among other things

This factor of production includes mental efforts and physical efforts.

This includes all structures and equipment needed to make other goods and services.

This factor requires risk-taking, creativity and managerial abilities.

This is the study of how individuals, businesses and nations can best allocate their limited resources.

This is the condition of having limited resources to fill unlimited wants

This strategy for dealing with scarcity allows companies to limit the number of consumers who can actually buy their product.

These are three examples of government regulations that can deal with scarcity.

These are the three questions that every economy must answer.

In this kind of economy, laborers usually produce at a subsistence level and have little economic mobility.

The various alternatives to an economic decision are called this.

This is the value of the next best alternative that you give up when making an economic decision.

This is the amount of benefit that a person receives once the cost of their decision is considered.

This is the opportunity cost of choosing to watch t. v This is the opportunity cost of choosing to watch t.v. instead of study for your econ exam.

This is the cost of a decision once it is weighed against the benefits.

A point inside a production possibilities curve represents this.

These are two of the factors that may result in a PPF moving to the right (increasing).

Points on the PPF require this.

A point outside a PPF represents this.

A PPF may shift to the left (or decrease) because of these factors (name two).

This is the ability to turn inputs into outputs in a certain amount of time.

This is the devotion of resources to a specific task.

This economic system has a minimal amount of private property.

These are two of the roles that government plays in a market economy.

This kind of economic system allows producers and consumers to determine what gets made and for whom.

Final Jeopardy Make your wager

This is the act of splitting up work into smaller and more specialized tasks.

What is land?

What is labor?

What is capital?

What is entrepreneurship?

What is economics?

What is scarcity?

What is raising prices?

What are price floors, price ceilings and rationing?

What are: what to produce, for whom to produce, and how to produce?

What is a traditional economy?

What are trade-offs?

What is opportunity cost?

What is marginal benefit?

What is the higher grade that you could have earned in economics What is the higher grade that you could have earned in economics? (unthinkable)

What is marginal cost?

What is inefficiency?

What are Accumulation of capital Technological advances Increase in population OR Available land or improvements to land?

What is the maximum use of all available resources?

What is unattainable production?

Decrease in population What are Decrease in population Loss of land OR Decrease in production due to aging population, more uneducated pop’n, less healthy pop’n?

What is productivity?

What is specialization?

What is a command economy?

What are Providing public goods & services Redistribution of income Intervention to resolve market failures Government regulations of the economy like tariffs, environmental regulations, consumer-protection Deregulation?

What is a market economy?

What is division of labor?