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Jeopardy Review Game
Local & Global
Economics

Slide 2

Every human want in economics is satisfied by one of these two things.
What are GOODS & SERVICES????

The benefit or benefits which are given up when making an economic decision.
What is OPPORTUNITY COST???

All of the resources which people have for producing goods and services.
What are the FACTORS OF PRODUCTION???

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

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

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

Decisions are largely based on consumer-made choices in this type of economic system.
What is the FREE MARKET SYSTEM???

Choices are most strongly influenced by the profit motive in this type of economic system.
What is a FREE MARKET SYSTEM???

Virtually all economies in the world today are considered to be this type.
What is MIXED???

Decisions are largely based on government-made choices in this type of economic system.
What is a COMMAND or CENTRALLY PLANNED ECONOMY???

The United States, Great Britain, the Netherlands, and Japan all seem to utilize mostly this type of economic system.
What is the FREE MARKET SYSTEM???

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

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

The price at which buyers and sellers agree to trade.
What is MARKET PRICE or EQUILIBRIUM???

"What is a SUPPLY CURVE..."
What is a SUPPLY CURVE???

A Demand Curve always has this type of slope.
What is a NEGATIVE SLOPE???

This is always the label of the far left side of a supply & a demand curve graph.
What is the PRICE OF THE ITEM???

This would be market price if:
DEMAND = 5 at $30 & 25
at $10. 
SUPPLY = 5 at $10 & 25 at $30.
What is $20 (for 15 items)???

Toilet paper, pencils, salt, milk, gasoline, sugar.
What are EXAMPLES OF PRICE INELASTIC GOODS???

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

These include any tools, buildings, or machines used to produce goods & services.
What is CAPITAL???

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

This is the act of purchasing a good or a service.
What is CONSUMPTION???

These two facts work together in determining the market price of goods and services.
What are the LAWS OF SUPPLY & DEMAND???”

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

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

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

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

At higher prices, producers are willing to offer more products for sale than they would offer at lower prices.
What is the LAW OF SUPPLY???

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

Thank you for playing

Local & Global Economics JEOPARDY!!!