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4. 100 200 300 400 500 Economic Systems Entrepreneur/ globalization Basic Economics Free Enterprise Profit /Losses Random

5. What are the two main economic systems? A 100

6. Free Enterprise and Socialism A 100

7. What is the most common type of economy? A 200

8. Mixed Economy A 200

9. Who believed all people are led by an “invisible hand”? A 300

10. Adam Smith A 300

11. Who created the Labor theory of value? A 400

12. Karl Marx A 400

13. What are 3 of the 6 major differences between a Free Enterprise and Socialist Economy? A 500

14. Resources, Governments role, Economic plans, Income distribution, Controlling prices, and Private property A 500

15. What is an entrepreneur? B 100

16. Someone with a special talent for searching out and taking advantage of business opportunities, as well as developing new products and new ways of doing things B 100

17. Who benefits when an entrepreneur is successful? B 200

18. Everyone (maybe not the competition) B 200

19. What does offshoring mean? B 300

20. Hiring people in other countries to do work at a cheaper wage B 300

21. List two reasons why globalization is happening? B 400

22. There are a lot… B 400

23. An increase in technology and resources leads to the P.P.F. moving which way? B 500

24. Right or out B 500

25. What is the definition of opportunity cost? C 100

26. The most valued alternative you give up in order to do something else. C 100

27. What is the definition of scarcity? C 200

28. Condition in which our wants are greater than the resources available to satisfy them. C 200

29. What does a P.P.F. show? C 300

30. All possible combinations of two goods that an economy can produce in a certain period of time. C 300

31. DAILY DOUBLE C 400 DAILY DOUBLE Place A Wager

32. The branch of economics that deals with human behavior and choices as they relate to relatively small units (example: examining one tree in an entire forest) is considered what? C 400

33. Microeconomics C 400

34. A good that is able to be touch or felt is called a what? C 500

35. Tangible good C 500

36. What are the five features of a Free Enterprise? D 100

37. Private Property, Choice, Voluntary Exchange, Competition, and Economic incentives D 100

38. What are the three sectors of the Circular Flow Diagram? D 200

39. business, government, and household D 200

40. What is the definition of public property? D 300

41. Any good that is owned by the government D 300

42. From the circular flow chart, which two sectors pay taxes and to who do they pay those taxes? D 400

43. 1.Pay: households and business 2.They pay them to the government D 400

44. From the circular flow chart, who do households sell resources to? D 500

45. Businesses D 500

46. What is the equation for Total Revenue? E 100

47. TR= profit of good x number of units sold E 100

48. When does a loss occur? E 200

49. When total cost exceeds total revenue E 200

50. What is the equation for profit? E 300

51. Profit = TR > TC E 300

52. What are the two “signals” profit and loss send? E 400

53. 1.Signals firms who are actually earning the profits or taking the losses. 2.Signals to firms standing on the sidelines E 400

54. If I was to make 500 units of gum and sell them for $2 apiece, but it cost me $.10/unit of gum to produce what is my profit? E 500

55. $950 Production= 500 x $.1=$50 TR= 2$ x 500=$1,000 $1,000-$50=$950 E 500

56. What are the four types of resources? F 100

57. Land, Labor, Capital, and Entrepreneurship F 100

58. A truck is an example of which of the 4 resources? F 200

59. Capital, because it is a produced good that can be used as a resource for further production. F 200

60. What countries have to decide which goods to produce? F 300

61. Every single one because of scarcity F 300

62. What are the three economic questions all economies must ask? F 400

63. 1.What goods will be produced? 2.How will those goods be produced? 3. For whom will the goods be produced? F 400

64. The terms labor and entrepreneurship mean the same thing true/false? F 500

65. False F 500

66. The Final Jeopardy Category is: Economic Systems Please record your wager. Click on screen to begin

67. Under what economy is private property sacred? Click on screen to continue

68. Free Enterprise Click on screen to continue

69. Thank You for Playing Jeopardy! Game Designed By C. Harr-MAIT