2. Assignment : Jeopardy (25 notes)

3. Mr. Robinson

4. Chapter 4 + 5

5. 500 100 200 300 100 300 200 300 200 100 200 500 300 200 100 400 KOBEKOBE GASOLGASOLFISHERFISHER ARTESTARTEST ODOMODOM

6. A ________ curve is a graphic representation of a demand schedule. (82) $100

7. A demand curve is a graphic representation of a demand schedule. (82) Back to Game

8. A substitute is… (88) $200

9. A substitute is… (88) a good that replaces another good. Back to Game

10. A _______ good is one that consumers will demand MORE of when they make MORE money (86) $300

11. A normal good is one that consumers will demand MORE of when they make MORE money (86) Back to Game

12. A good that is always used with another good is a _________. (88) $400

13. A good that is always used with another good is a complement (88) Back to Game

14. Total revenue is the amount of _______ a company receives for selling goods and services (95) $500

15. Back to Game Total revenue is the amount of money a company receives for selling goods and services (95)

16. The law of ______ is the tendency of suppliers to offer more of a good for a high price. (101) $100

17. The law of supply is the tendency of suppliers to offer more of a good for a high price. (101) Back to Game

18. A _____ tax is a payment to the government on the production of certain goods. (118) $200

19. An excise tax is a payment to the government on the production of certain goods. (118) Back to Game

20. A ______ is a government payment that supports a business or market. (117) $300

21. A subsidy is a government payment that supports a business or market. (117) Back to Game

22. $400 ________ revenue is the additional income from selling one more unit of a good. (112)

23. Marginal revenue is the additional income from selling one more unit of a good. (112) Back to Game

24. $500 When a person is able and willing to buy something, they create _______. (79)

25. When a person is able and willing to buy something, they create demand (79) Back to Game

26. Inferior goods are… (87) $100

27. Inferior goods are… (87) things you buy less of as you make more money Back to Game

29. If future price is expected to rise, current demand will ______.

30. If future price is expected to rise, current demand will rise. Back to Game

31. $300 Which good has an inelastic supply (104): Apples, hats, beanbags, toothbrushes

32. Which good has an inelastic supply (104): Apples Back to Game

33. $400 _____ has the greatest influence on elasticity of supply.

34. Time has the greatest influence on elasticity of supply. Back to Game

35. $500 How is profit determined?

36. Back to Game How is profit determined? Total revenue – total cost = profit.

37. $100 If I was a farmer and I knew the price of my wheat I was selling would go up next month, I would… (119)

38. If I was a farmer and I knew the price of my wheat I was selling would go up next month, I would… store it and sell it next month (119) Back to Game

39. $200 _______ cost is the cost of making one more unit of a good. (111)

40. Marginal cost is the cost of making one more unit of a good. (111) Back to Game

41. $300 Elasticity of _______ shows how people change their buying patterns when prices change. (79)

42. Elasticity of demand shows how people change their buying patterns when prices change. (79) Back to Game

43. $400 The US is a _______ economy. (79)

44. The US is a market economy. (79) Back to Game

45. $500 A market ______ schedule is a chart that shows how much of a good all suppliers will offer at different prices. (103)

46. Back to Game A market supply schedule is a chart that shows how much of a good all suppliers will offer at different prices. (103)

47. $100 What does it mean when demand for a product is inelastic? (90)

48. People will still buy just as much, no matter what the price. Back to Game

49. $200 Marginal is a synonym for _________.

50. Marginal is a synonym for additional. Back to Game

51. $300 What is an example of using technology to lower production costs? (117)

52. Using machines to sew backpacks instead of people. Back to Game

53. $400 How many days of the year are you in school?

54. 180 Back to Game

55. $500 What was the final score of last night’s Dodger-Phillies game?

56. 5 – 4  Back to Game