Jeopardy $100 Are You Scarce? CapitalismProduction Supply and Demand Markets $200 $300 $400 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 Final Jeopardy Final Jeopardy

1 - $100 Term for the improvement in productivity due to more efficiency? Term for the improvement in productivity due to more efficiency? What is Specialization of Labor What is Specialization of Labor

1 - $200 What type of economics focuses on behavior of the individual in the market? What type of economics focuses on behavior of the individual in the market? What is Microeconomics? What is Microeconomics?

1 - $300 The type of economics that examines the behavior of the market as a whole is? The type of economics that examines the behavior of the market as a whole is? What is Macroeconomics? What is Macroeconomics?

1 - $400 This man proposed the idea of laissez-faire economics This man proposed the idea of laissez-faire economics Who is Adam Smith? Who is Adam Smith?

1 - $500 The fact that scarcity exists in society is due in large part to The fact that scarcity exists in society is due in large part to What is because resources are limited? What is because resources are limited?

2 - $100 Defending oneself against disease, one has reduced the risk of transmitting disease to others. This benefits the third party (society) as a whole Defending oneself against disease, one has reduced the risk of transmitting disease to others. This benefits the third party (society) as a whole What is a positive externality? What is a positive externality?

2 - $200 What to produce, how to produce it and for whom What to produce, how to produce it and for whom What are the three basic questions of economics? What are the three basic questions of economics?

2 - $300 The cycle of money and goods/services among things in an economic transaction The cycle of money and goods/services among things in an economic transaction What is the circular flow of goods and services? What is the circular flow of goods and services?

2 - $400 Products of production that impose costs on third parties Products of production that impose costs on third parties What are negative externalities? What are negative externalities?

2 - $500 The basis of a market economy, where private entrepreneurs own the factors of production The basis of a market economy, where private entrepreneurs own the factors of production What is capitalism? What is capitalism?

3 - $100 The value of the best alternative item you passed up in your decision making. The value of the best alternative item you passed up in your decision making. What is opportunity cost? What is opportunity cost?

3 - $200 The possible combinations of two types of goods that can be produced when available resources are employed fully and efficiently? The possible combinations of two types of goods that can be produced when available resources are employed fully and efficiently? What is a production possibilities curve? What is a production possibilities curve?

3 - $300 Land, capital, labor and entrepreneurs are this Land, capital, labor and entrepreneurs are this What are the factors of production? What are the factors of production?

3 - $400 Expansion, peak, contraction (recession) and trough are parts of this process Expansion, peak, contraction (recession) and trough are parts of this process What is the business cycle? What is the business cycle?

3 - $500 The economy of the US can be described as this The economy of the US can be described as this What is a capitalist economy? What is a capitalist economy?

4 - $100 Technology, price of resources and producer expectations are examples of Technology, price of resources and producer expectations are examples of What are determinants of demand? What are determinants of demand?

4 - $200 This measures how responsive quantity demanded is to a price change- the percent change in quantity demanded divided by the change in price This measures how responsive quantity demanded is to a price change- the percent change in quantity demanded divided by the change in price What is elasticity of demand? What is elasticity of demand?

4 - $ Prices of different goods including substitutes 2. Number of suppliers 3. Production function and technology 4. Prices of different inputs including wage rates, interest. 5. Producers' future expectations What are determinants of supply? What are determinants of supply?

4 - $400 What happens to equilibrium price and quantity when the demand curve shifts to the left? What happens to equilibrium price and quantity when the demand curve shifts to the left? Equilibrium price goes up but quantity demanded goes down Equilibrium price goes up but quantity demanded goes down

4 - $500 The consumer demand for cancer treatment is? (inelastic or elastic) The consumer demand for cancer treatment is? (inelastic or elastic) What about Soda? (inelastic or elastic?) What about Soda? (inelastic or elastic?) What is inelastic and what is elastic What is inelastic and what is elastic

5 - $100 Rent control occurs because the govt feels everyone should have affordable lodging. This is an example of Rent control occurs because the govt feels everyone should have affordable lodging. This is an example of What is a price ceiling? What is a price ceiling?

5 - $200 This equals the revenue from sales minus the cost of production This equals the revenue from sales minus the cost of production What is profit? What is profit?

5 - $300 In a market economy, a high price is a signal for suppliers and consumers to do what? In a market economy, a high price is a signal for suppliers and consumers to do what? What is suppliers supply more of the product but the consumers to buy less of the product? What is suppliers supply more of the product but the consumers to buy less of the product?

5 - $400 In which market structure do consumers have the most amount of choices In which market structure do consumers have the most amount of choices What is monopolistic competition? What is monopolistic competition?

5 - $500 Legal obligation to pay any any debts of the business? Legal obligation to pay any any debts of the business? What is liability? What is liability?

Final Jeopardy The main incentive why Bill Gates started Microsoft The main incentive why Bill Gates started Microsoft What is to make money for himself and his investors!! What is to make money for himself and his investors!!