Jeopardy Economics: Demand and Supply

Jeopardy - 5/02 (Page One) Consumer Wants Stretching Your Dollar Producers Rule!! Making Decisions Playing the Game Final Jeopardy

1-1-1 Demand goes up! This usually occurs when price goes down.

1-2-1 The Substitution Effect What is it called when a person decides that Pizza is too expensive and chooses Burgers for dinner?

1-3-1 – Daily Double Ceteris Paribus The name for when ‘All other things are held constant’

1-4-1 Inferior Goods These are the items that decrease in demand when our income increases

1-5-1 Complements The items that are in high demand when a related good is being purchased

2-1-1 Inelastic When demand for a good stays the same despite a price increase it is called:

2-2-1 Elasticity of Demand A measure of how consumers react to a change in price is called:

2-3-1 Elastic When a product decreases in demand after an increase in price:

2-4-1 Daily Double Availability of Substitutes Relative Importance Necessities vs. Luxuries Change over Time Name one factor that affects elasticity of demand

2-5-1 This describes demand that is not very sensitive to a change in price. Inelastic

3-1-1 The Law of Supply The higher the price, the greater the quantity produced is called:

3-2-1 Quantity Supplied Economists refer to this as the amount of good that is offered for sale at a certain price

3-3-1 Raw Materials Machinery Labor Name one example of Input Costs discussed in class:

3-4-1 Subsidies When the Government provides a payment that supports a business or market.

3-5-1 Future Expectations of Prices An example is when a farmer holds his crop until the prices rise.

4-1-1 Volume What is the total number of shares traded called?

Wk Range What is the name of the section you find the high price of a stock for the year?

4-3-1 NYSE & NASDAQ What are the two markets that most Americans trade on?

4-4-1 Dividends What are the portion of corporate profits paid out to the stockholders called?

4-5-1 Diversifying Your Portfolio What is it called when a person spreads out their stock among many different industries?

5-1-1 $100,000 How much money did each team begin with in their portfolio?

5-2-1 Two How many transactions are you required to make in a week?

How many teams from my current economics classes are in this competition?

5-4-1 Short Selling What is it called when you borrow stocks to make money?

5-5-1 Daily Double $50,000 How much money can you use to “Buy on the Margin?”

Final Jeopardy List at least three examples of the theory of Market Entry Subject: Supply Subway (Franchises) Boy Bands: N’Sync, Backstreet Boys (Boy Bands) Star Wars Movies (Movie Sequels) Survivor, The Apprentice (Reality TV)