1. Chapter 3 Review Hosted by Mrs. Piotrowski
Jeopardy
Chapter 3 Review
Hosted by
Mrs. Piotrowski

2. Economy 1
Economy 2
Economy 3
Economy 4
F I n a l J e o p a r d y
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3. What is the basic economic problem?
scarcity
Row 1, Col 1

4. What is the type of economic system where the resources and decisions are shared between the government and other groups or individuals.
Mixed Economy
Row 2, Col 1

5. Free Economy Private/Free Enterprise
What is the economic system where decisions are made independently with no attempt at government regulation or control called?
Free Economy Private/Free Enterprise
Row 3, Col 1

6. Free Economy(Enterprise)
What are the 3 different types of economic systems called?
Controlled
Mixed
Free Economy(Enterprise)
Row 4, Col 1

7.   What does unlimited wants and needs, combined with limited resources result in?
Scarcity
Row 5, Col 1

8. Free Economy, Private Enterprise, Free Enterprise, Market Economy
The U.S. economic system is often called a number of things, name at least 3 of them.
Free Economy, Private Enterprise, Free Enterprise, Market Economy
Row 1, Col 2

9. What is the use of resources to obtain the greatest profit called?
Profit Motive
Row 2, Col 2

10. What are two reasons why the government would interfere in business.
When there is a chance of a monopoly or if a product would harm people
Row 3, Col 2

11. Name 2 artists that Mrs. Piotrowski has on her ipod
Daily Double
Decide on your wager, and have the team captain tell Mrs. P.
Name 2 artists that Mrs. Piotrowski has on her ipod
Answers will vary

12. What is the study of the economic behavior and relationships of an entire society called?
Macroeconomics
Row 5, Col 2

13. The place where the supply curve and demand curve intersect is called the _______
Market Price
Row 1, Col 3

14. A graph of the relationship between price and quantity wanted.
Demand Curve
Row 2, Col 3

15. What are the 4 parts of the Marketing Mix?
Daily Double
Decide on your wager, and have the team captain tell Mrs. P.
What are the 4 parts of the Marketing Mix?
Product, Price, Place,
Promotion

16. All the consumers who will purchase a particular product or service.
Economic Market
Row 3, Col 3

17. What is the creation and maintenance of satisfying exchange relationships called?
Marketing
Row 4, Col 3

18. Who creates demand?
Consumers
Row 1, Col 3

19. What is it called… when the price of a product is increased, less will be demanded and when the price is decreased, more will be demanded.
Law of demand
Row 1, Col 4

20. Who creates supply?
Producers
Row 2, Col 4

21. List 3 of Mrs. Piotrowski’s past jobs/careers
Daily Double
Decide on your wager, and have the team captain tell Mrs. P.
List 3 of Mrs. Piotrowski’s past jobs/careers
Answers will vary

22. As the price increases, producers will manufacture more of a product.
As the price goes down, fewer will be manufactured..what is this called?
Law of supply
Row 4, Col 4

23. List 3 things that affect supply.
The possibility of profit
The amount of competition
The capability of developing and marketing the products or services.
Row 4, Col 4