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

Money 10 Point 10 Point 10 Point 10 Point 10 Point 10 Point 20 Points Demand & Supply Money Equilibrium Price Controls Prices & Profits Mix It Up 10 Point 10 Point 10 Point 10 Point 10 Point 10 Point 20 Points 20 Points 20 Points 20 Points 20 Points 20 Points 30 Points 30 Points 30 Points 30 Points 30 Points 30 Points 40 Points 40 Points 40 Points 40 Points 40 Points 40 Points 50 Points 50 Points 50 Points 50 Points 50 Points 50 Points

You want it AND have the $$$ to buy

What is demand

This trendy reason is a big one that will cause a demand curve to shift left OR right, & it’s one after the other

What is consumer tastes & advertising

All the products available for purchase in an economy

What is supply

The test for elastic supply is this; I never have enough

What is TIME

Elastic Demand means consumers are very sensitive to this

What is price

The # 1 function of money

What is medium of exchange

In shopping for a new car, you compare prices & engage in this function of money

What is unit of account

This makes the Diagram of Economic Interdependence go ‘round; not love 

What is Money

The most important characteristic of money

What is acceptable

Money characteristic you can take with you

What is portability

This is where the market likes to be

What is equilibrium

This is where consumers will buy at the price producers are will to produce; Qd = Qs

What is equilibrium

Another name for market clearing price

What is equilibrium

A “jump” in the market will cause a shift in this

What is equilibrium

Equilibrium is found where these 2 curves cross on a graph

What is demand and supply

This price control causes a shortage; I can’t find a stinking apartment

What is a price ceiling or rent control

This price control sets the price below equilibrium; everyone can afford it

What is a price ceiling

This price control causes a surplus and drives up the price unnecessarily

What is a price floor

This price control set by the government says you cannot be paid less than $7.25 an hour

What is minimum wage

This price control says you will not pay more than a certain amount for an apartment in NYC

What is rent control

You silently negotiate price by doing this

What is by buying or not buying a product

This is the thing that affects consumer and producer behavior the most

What is price

With an inelastically demanded product, revenue will do this if price increases

What is increase

With an elastically demanded product, revenue will do this if price goes up

What is decrease

This is the sole incentive for a business to exist

What is profit motive

The French phrase that describes the government’s involvement in a mixed economy

What is Laissez Faire

This market structure sells products that are similar but not identical

What is monopolistically competitive

This business organization has only one receiver of profit

What is a sole proprieter

This market structure is a monopoly the government WILL allow

What is a natural monopoly

This market structure has only a few businesses producing 70-80% of the products

What is a oligopoly

Final Jeopardy Make your wager

A new research study finds that drinking coffee can reduce the risk of colon cancer by 40% in some people. a. Identify the shifter in the market. b. What curve does this study force to shift (jump)? c. Draw a correctly labeled graph that illustrates how this study changes the competitive model for price and quantity for coffee.

A: Consumer tastes B: Demand Curve Price of Coffee Beans per pound 7 9 11 13 15 17 2.00 1.75 1.50 1.25 1.00 .75 .50 = S P2 E2 P1 E1 D2 D1 Quantity of Coffee Beans (billions of pounds)