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Jeopardy Economic Decisions Economic Systems Economic Indicators Business Cycle Supply & Demand Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy
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$100 Question Things that add to the comfort of our live; sometimes referred to as luxuries
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$100 Answer What are wants?
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$200 Question Examples include food, water, shelter
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$200 Answer What are needs?
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$300 Question Tangible objects … things you can see and touch
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$300 Answer What are goods?
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$400 Question Satisfied through the efforts of others
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$400 Answer What are services?
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$500 Question Factors of Production
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$500 Answer What are natural resources, human resources, and capital resources?
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$100 Question The economic questions that define a nation’s economic system
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$100 Answer What to produce, how to produce it, and for whom?
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$200 Question All economic questions are answered by the government; there are two names for this system
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$200 Answer What is a command economy or directed economy?
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$300 Question Canada and Sweden are examples of this type of mixed economy
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$300 Answer What is socialism?
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$400 Question Communism is a mixed economy characterized by government control. List two communist countries in the world today.
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$400 Answer What are China, Cuba, or North Korea?
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$500 Question Characterized by marketplace competition and no government involvement
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$500 Answer What is a market economy?
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$100 Question The number of people who are willing & able to work but cannot find a job
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$100 Answer What is the unemployment rate?
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$200 Question This indicator tells us that the cost of living is getting more expensive
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$200 Answer What is inflation?
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$300 Question The United States’ rank in the world for GDP as compared to other nations today
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$300 Answer What is second?
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$400 Question The sum of all goods and services produced within a country in a given year
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$400 Answer What is Gross Domestic Product?
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$500 Question Definition of Economic Indicators
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$500 Answer What are figures used to measure the performance of a nation’s economy?
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$100 Question Definition of the Business Cycle
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$100 Answer What is the rise and fall of economic activity over time?
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$200 Question GDP is increasing, unemployment is decreasing in this stage of the cycle
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$200 Answer What is recovery?
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$300 Question Also known as a trough, this stage last six months or more
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$300 Answer What is depression?
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$400 Question GDP is at its highest and unemployment is at its lowest
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$400 Answer What is the peak or prosperity?
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$500 Question Historically many big businesses begin during this stage … explain why
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$500 Answer What is a depression? Entrepreneurs seek a product that consumers need or have never had before.
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$100 Question The rivalry that exists between two businesses selling the same product is called this
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$100 Answer What is competition?
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$200 Question As price increases, quantity also increases
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$200 Answer What is the law of supply?
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$300 Question When supply is greater than demand, this occurs
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$300 Answer What is a surplus?
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$400 Question This is the point of maximum profit for producers
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$400 Answer What is the equilibrium point?
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$500 Question If supply is less than demand, it creates this type of market
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$500 Answer What is a sellers’ market?
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Final Jeopardy Two or more businesses that offer dissimilar goods or services that may substitute for each other are engaged in this Provide an example (either products or businesses).
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Final Jeopardy Answer What is indirect competition?
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