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Jeopardy Review Game

Slide 2

Every human want in economics is satisfied by one of these two things.

The benefit or benefits which are given up when making an economic decision.

All of the resources which people have for producing goods and services.

The fact that resources are always limited compared to the number & variety of wants that people have.

This is the reason why people purchase goods and services.  It means “to have use.”

This refers to the ideas & know-how which are needed in order to produce a good or a service.

Decisions are largely based on consumer-made choices in this type of economic system.

Choices are most strongly influenced by the profit motive in this type of economic system.

Virtually all economies in the world today are considered to be this type.

Decisions are largely based on government-made choices in this type of economic system.

The United States, Great Britain, the Netherlands, and Japan all seem to utilize mostly this type of economic system.

In a free market system,  this is the idea (or fact) that the buyers are the most powerful forces in the economy.

The amounts of a product or service buyers are willing & able to buy at different prices.

The price at which buyers and sellers agree to trade.

"What is a SUPPLY CURVE..."

A Demand Curve always has this type of slope.

This is always the label of the far left side of a supply & a demand curve graph.

This would be market price if:
DEMAND = 5 at $30 & 25
at $10. 
SUPPLY = 5 at $10 & 25 at $30.

Toilet paper, pencils, salt, milk, gasoline, sugar.

This is the Factor of Production which includes the time & energy needed to produce and good or a service.

These include any tools, buildings, or machines used to produce goods & services.

This is the process of making goods and services available to the people who want them.

This is the act of purchasing a good or a service.

These two facts work together in determining the market price of goods and services.

These differ from person to person.  They are the consumers’ desires for goods & services.

When suppliers supply too much of a product and there is not much of a demand for it.

These are physical products that are produced to satisfy wants, like a candy bar or an ice cream cone.

In a free market system, everyone is out to make one.

At higher prices, producers are willing to offer more products for sale than they would offer at lower prices.

This is what protects the consumer and keeps everything in balance in a free market system.

Thank you for playing

Local & Global Economics JEOPARDY!!!