Ch. 1 Jeopardy Review

JeopardyScarcity and

FOP

Opportunity

Cost

Production

Possibilities

Other

Ch. 1 ?’s

Gov’t

Review

10 10 10 10 10

20 20 20 20 20

30 30 30 30 30

40 40 40 40 40

50 50 50 50 50

Economics in a one word definition…– 10 points

Limited resources to meet unlimited wants. – 20 points

An individual who takes a risk to start a business is known as a/an…– 30 points

Human-made resources used to produced other goods and services. – 40 points

Temporary inability of producers to fill demand for a product at thecurrent price. – 50 points

The next best alternative in anydecision. – 10 points

All the alternatives that we giveup whenever we choose one course of action over another.– 20 points

Deciding whether to do or useone additional unit of a resource.– 30 points

You bought two new CDs with the last $30 in your checking account, and your next payday is on Monday. What is the opportunity cost of these CDs? a) the difference between the cost to produce the CDs and the price you paid for them b) $30 c) dinner and a movie with your friends this Saturday night d) knowing you are the first of your friends to have these CDs

– 40 points

What can a decision-making grid do? a) tell you the right course of action b) show you every possible consequence of your decision c) help you determine some of the opportunity costs

for your decision d) show you every possible benefit of your decision

– 50 points

A graph showing alternative waysto use an economy’s productiveresources. – 10 points

A point on the outside of a PPF would require what? -20 points

If an economy is not using all of itsresources, the resources are said tobe ______________. -30 points

A line showing the maximum possible output for a given economy using its resources. – 40 points

As production switches from one item to another, more and moreresources are needed to increase production of the 2nd item.

– 50 points

Natural resources used in the production of other goods and services are known as… – 10 points

Something necessary for survival. – 20 points

Actions or activities that onePerson performs for another (i.e. a haircut)– 30 points

Knowledge and skills that aworker gains through educationor experience. – 40 points

Name the 4 factors of production. – 50 points

This Supreme Court caseestablished the power of the judicial branch to exercise judicial review. – 10 points

The power to interpretn laws is called __________ power.

-20 points

This Supreme Court case established the power of Congressto exercise its implied powers.– 30 points

Those who supported theConstitution are known as…– 40 points

The biggest compromise of the Constitutional Conventioninvolved the composition of the legislative branch. This compromise is known as the….– 50 points

Final Jeopardy

What is the difference b/t ashortage and scarcity?