Jeopardy

1
Jeopardy
Are You Scarce?
Capitalism
Production
Supply and Demand
Markets
100
100
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100
200
200
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300
300
300
300
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400
400
400
400
400
500
500
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500
Final Jeopardy
2
1 - 100

• Term for the improvement in productivity due to
  more efficiency?

• What is Specialization of Labor

3
1 - 200

• What type of economics focuses on behavior of
  the individual in the market?

• What is Microeconomics?

4
1 - 300

• The type of economics that examines the behavior
  of the market as a whole is?

• What is Macroeconomics?

5
1 - 400

• This man proposed the idea of laissez-faire
  economics

• Who is Adam Smith?

6
1 - 500

• The fact that scarcity exists in society is due
  in large part to

• What is because resources are limited?

7
2 - 100

• Defending oneself against disease, one has
  reduced the risk of transmitting disease to
  others. This benefits the third party (society)
  as a whole

• What is a positive externality?

8
2 - 200

• What to produce, how to produce it and for whom

• What are the three basic questions of economics?

9
2 - 300

• The cycle of money and goods/services among
  things in an economic transaction

• What is the circular flow of goods and services?

10
2 - 400

• Products of production that impose costs on third
  parties

• What are negative externalities?

11
2 - 500

• The basis of a market economy, where private
  entrepreneurs own the factors of production

• What is capitalism?

12
3 - 100

• The value of the best alternative item you passed
  up in your decision making.

• What is opportunity cost?

13
3 - 200

• The possible combinations of two types of goods
  that can be produced when available resources are
  employed fully and efficiently?

• What is a production possibilities curve?

14
3 - 300

• Land, capital, labor and entrepreneurs are this

• What are the factors of production?

15
3 - 400

• Expansion, peak, contraction (recession) and
  trough are parts of this process

• What is the business cycle?

16
3 - 500

• The economy of the US can be described as this

• What is a capitalist economy?

17
4 - 100

• Technology, price of resources and producer
  expectations are examples of

• What are determinants of demand?

18
4 - 200

• This measures how responsive quantity demanded is
  to a price change- the percent change in quantity
  demanded divided by the change in price

• What is elasticity of demand?

19
4 - 300

• 1. Prices of different goods including
  substitutes 2. Number of suppliers 3.
  Production function and technology 4. Prices of
  different inputs including wage rates, interest.
  5. Producers' future expectations

• What are determinants of supply?

20
4 - 400

• What happens to equilibrium price and quantity
  when the demand curve shifts to the left?

• Equilibrium price goes up but quantity demanded
  goes down

21
4 - 500

• The consumer demand for cancer treatment is?
  (inelastic or elastic)
• What about Soda? (inelastic or elastic?)

• What is inelastic and what is elastic

22
5 - 100

• Rent control occurs because the govt feels
  everyone should have affordable lodging. This is
  an example of

• What is a price ceiling?

23
5 - 200

• This equals the revenue from sales minus the cost
  of production

• What is profit?

24
5 - 300

• In a market economy, a high price is a signal for
  suppliers and consumers to do what?

• What is suppliers supply more of the product but
  the consumers to buy less of the product?

25
5 - 400

• In which market structure do consumers have the
  most amount of choices

• What is monopolistic competition?

26
5 - 500

• Legal obligation to pay any any debts of the
  business?

• What is liability?

27
Final Jeopardy

• The main incentive why Bill Gates started
  Microsoft

• What is to make money for himself and his
  investors!!