Download JEOPARDY

This is JEOPARDY
Consumer Economics
First Semester Midterm Review
Mr. Booth/Alex Trebek
Categories
Introduction to Economics
100 200 300 400 500
Supply and Demand
100 200 300 400 500
Factors of Supply and Demand
100 200 300 400 500
Economic Performance
100 200 300 400 500
100 200 300 400 500
100 200 300 400 500
Final Jeopardy
Christianity – Jesus
Islam – Muhammad
Buddhism – Siddhartha Gautama
Hinduism – No major founder
Judaism - Abraham
List each of the 5 major religions we covered in
class with its founder or prophet – 2
minutes, good luck
What is Land, Labor, Capital,
Entrepreneurship?
The Four Factors of Production
Who is Adam Smith?
He laid the foundation for modern economics and
believes in free trade, choice and voluntary exchange as
he said in his book “The Wealth of Nations.”
What is a cost-benefits analysis?
Examining the expected costs and expected benefits
when making a decision is called:
What is Positive Economics?
This type of economics explained explaining
economics as it is (Scientific method) would be
called ______economics
What is a Circular Flow model?
This model shows how many
sectors and markets are within
the economy
What is the Government?
In a communist economy,
resources are owned by
the
Change in Quantity
Demanded?
Different points on the
curve represent this
Elasticity of Demand?
Consumer Responsiveness to price is...
What is a variable cost?
How to much to pay workers wages is called
this type of cost
What is selfish, and wicked.
Hobbes believed people were naturally
________ & ________.
What is left
(QS) decreases?
Situation: Anna makes nutrition bars that
contain peanuts. The cost of peanuts has gone
up (inputs) The QS shifts...
“Don’t Choke!”
Daily
Double
What is Right? QS shifts right
In 1992, Company ABC’s
secretaries get new
computers (used to have
typewriters) which increases
technology. The supply
curve shifts…
What is decrease/ shifts left?
Excise taxes or government action
increase or decrease supply?
What is consumer taste, curve shifts right
(demand goes up)?
Lebron James wear’s cool new Nike’s and this
is a new trend. What factor of demand is this?
Will the curve shift left or right?
An increase in demand for
CD players has what
affect for CD’s
(Complementary
Goods)?
What is Nominal GDP?
This type of GDP states GD in terms of the current value of
goods and services
What is Real GDP?
This type of GDP states real GDP
corrected for changes in prices
from year to year (eliminates
price differences from year to
year)
What is Frictional Unemployment?
Type of unemployment that is
temporary unemployment of people
changing job..Mom goes back to the
work force
What is Structural?
Type of Umemployment when jobs exist
but don’t match the skills of the
available work force
“Don’t Choke!”
Daily
Double
What is Cyclical?
When businesses lay off workers to save on costs is this
type of unemployment
?
?
?
?
?