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2. Click here for Final Jeopardy
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3. 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
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4. You want it AND have the $$$ to buy

5. What is demand

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

7. What is consumer tastes & advertising

8. All the products available for purchase in an economy

9. What is supply

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

11. What is TIME

12. Elastic Demand means consumers are very sensitive to this

13. What is price

14. The # 1 function of money

15. What is medium of exchange

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

17. What is unit of account

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

19. What is Money

20. The most important characteristic of money

21. What is acceptable

22. Money characteristic you can take with you

23. What is portability

24. This is where the market likes to be

25. What is equilibrium

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

27. What is equilibrium

28. Another name for market clearing price

29. What is equilibrium

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

31. What is equilibrium

32. Equilibrium is found where these 2 curves cross on a graph

33. What is demand and supply

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

35. What is a price ceiling or rent control

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

37. What is a price ceiling

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

39. What is a price floor

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

41. What is minimum wage

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

43. What is rent control

44. You silently negotiate price by doing this

45. What is by buying or not buying a product

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

47. What is price

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

49. What is increase

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

51. What is decrease

52. This is the sole incentive for a business to exist

53. What is profit motive

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

55. What is Laissez Faire

56. This market structure sells products that are similar but not identical

57. What is monopolistically competitive

58. This business organization has only one receiver of profit

59. What is a sole proprieter

60. This market structure is a monopoly the government WILL allow

61. What is a natural monopoly

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

63. What is a oligopoly

64. Final Jeopardy
Make your wager

65. 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.

66. A: Consumer tastes B: Demand Curve
Price of Coffee Beans per pound
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)