Download Blank Jeopardy - Taylor County Schools

Supply
Demand
Scarcity
Economic
Systems
Political
Systems
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What is supply?
The amount of goods or
services available at all
prices.
What happens to
supply when
prices go up?
Supply also goes up.
What happens
to supply when
the price goes
down?
Supply will also
decrease.
This is an example
of a what?
Supply Curve
How do
production
costs affect the
price of goods?
If costs for production
rise then the supply
will decrease, but if
costs fall then supply
will increase.
What does the
term demand
mean?
The quantities of goods
consumers are willing
and able to buy.
What does this graph
represent?
Demand Curve
If your income goes
up, how will that
effect demand for
goods?
Demand will also
increase.
Give an example of
substitution as a
factor of demand.
Answers may vary.
Going to McDonals, Burger King, or
Wendy’s.
Going to Save-a-lot instead of Kroger.
Buying “Private Selection” brands instead
of “Name Brands”
Choosing Dunkin Donuts instead of
Starbucks
When price goes
up, demand goes
______.
When price goes
down, demand
goes ____.
Down
Up
What is the term for
having too high
demand and not
enough supply to
meet that demand?
Scarcity
How do fertility rates
affect distribution of
scarce supplies?
Larger populations
may cause scarce
supplies to vanish.
Governments may
have to ration
supplies.
Describe a real
example that would
represent scarcity
in the United States.
(May Vary)
Gasoline prices,
toys sold during
holidays, ebay
items, Pawn Stars
What contributed
to the scarcity of
black truffles?
Difficulty to find.
Can’t farm them.
Certain climates
needed.
What would be the
consequence of
being able to farm
truffles around the
globe?
Truffles would become
less scarce and as such
the price would
decrease as supplies
grew.
What is the
economic system
of America?
Market
economy / free
enterprise /
capitalism
What is the
economic
system of
North Korea?
Command economy /
communism
What is socialism?
And give an
example of a
country.
Socialism is when
the government
has some control
over businesses.
Ex. Venezuela
Give me an example
of a traditional
economy.
The Eskimos
living in
Nunavut,
Canada
What is Gross
Domestic Product
(GDP)?
The overall value
of goods and
services produced
within a country.
What is the
political system
(government) of
Cuba?
Dictatorship
What two
government
systems does
Britain
combine?
A monarchy with a
republic.
Name two of the four
reasons to
understand how
dictators keep their
power.
1. The use of force / army.
2. Promise of better life
for the poor.
3. People are used to a
dictatorship.
4. Get help from other
oppressive
governments.
Why is the
United States
not considered a
direct
democracy?
The country is too large
to have the entire
population vote on every
law and policy. Citizens
couldn’t get anything else
done.
Is there any one
political system
that works best
all the time?
Why?
Answers may vary, but no
most successful governments
have a mixture of two or more
political systems and in
today’s society it’s important
for governments to work
together to be successful.