Final jeopardy duke

This is This is Jeopardy!Jeopardy!

Test ReviewTest Review

Jeopardy (Round 1)Jeopardy (Round 1)

100

200

300

400

500

EconomicConcepts/Terms

300 300 300300

400 400 400 400

500 500 500 500

200 200 200 200

100 100 100 100

Personal Finance

Economic Systems

MeasuringEconomic

Performance

Supply and

Demand

Jeopardy (Round 2)Jeopardy (Round 2)

600

700

800

900

1000

600

700

800

900

1000

600

700

800

900

1000

600

700

800

900

1000

600

700

800

900

1000

Economic Concept/

Terms

Fiscal Policy

Monetary Policy Banking RandomRandom

Final JeopardyFinal Jeopardy

This law is proven This law is proven when a worker is when a worker is hired and they hired and they

contribute less to the contribute less to the output than those output than those hired before them.hired before them.

Law of Law of Diminishing Diminishing

Marginal Marginal ReturnReturn

Economic Concepts Economic Concepts (100)(100)Land, labor, Land, labor,

and capitol and capitol are are

considered considered this…this…

The Three The Three Factors of Factors of ProductionProduction

Economic Concepts Economic Concepts (200)(200)

Including goods Including goods and services, all and services, all resources are resources are

this…this…

ScarceScarce


The most The most desirable desirable

alternative given alternative given up when making up when making

a decision.a decision.

OpportunitOpportunity Costy Cost

Any resource Any resource made by humans made by humans

and used to and used to created other created other

goods and goods and services.services.


CapitaCapitall


A factory A factory building would building would be an example be an example

of this…of this…

Physical Physical Capital Capital

Economic Systems (100)Economic Systems (100)

This person stated This person stated that in a market that in a market economy, self-economy, self-

interest controlled interest controlled competition.competition.

Adam SmithAdam Smith

EconomicEconomic SystemsSystems ( (200200))An economic system An economic system that includes that includes government government

ownership, allocation ownership, allocation by command, and by command, and

planning of all planning of all decisions by the decisions by the

government.government.

CommanCommand d

EconomyEconomy


Private ownership, Private ownership, freedom of choice, freedom of choice,

and competition are and competition are characteristic of this characteristic of this economic system.economic system.

Market Market EconomyEconomy

Daily Daily Double!!!Double!!!


These two entities These two entities set the price of set the price of

good and services good and services in a market in a market economy.economy.

Buyers Buyers (Demanders) (Demanders) and Sellers and Sellers (Suppliers)(Suppliers)


System that System that does not provide does not provide

things the things the market does not market does not

address…address…

Free Free MarketMarket

Supply and Demand (100)

Adam Smith’s Adam Smith’s imaginary friend imaginary friend

who said who said individuals act on individuals act on

self-interest…self-interest…

The The “Invisible “Invisible

Hand”Hand”



This is the most This is the most important factor important factor in determining in determining price elasticity price elasticity

for supply…for supply…

TimeTime


Point where the Point where the supply curve and supply curve and

demand curve demand curve meet…meet…

(X)(X)

EquilibriuEquilibrium Pricem Price


This law states This law states that lower prices that lower prices cause people to cause people to buy more of a buy more of a

good.good.

Law of Law of DemandDemand


This law states that This law states that when the price of when the price of

goods rise so will the goods rise so will the quantity supplied.quantity supplied.

Law of Law of SupplySupply

Economic Performance (100)

Ms. Duke is this Ms. Duke is this because he has a because he has a B.S. in biology and B.S. in biology and is working at Del is working at Del

Taco.Taco.

UnderemployeUnderemployedd

Economic Performance (200)(200)

This includes This includes consumer spending, consumer spending, business investment, business investment,

government government investment, and net investment, and net

exports…exports…

GDPGDP

Economic Performance (300)Type of GDP Type of GDP that that

included included current current pricesprices

Nominal Nominal GDPGDP


A representation of A representation of a typical market a typical market

basket of goods for basket of goods for a urban a urban

household…household…

Consumer Consumer Price IndexPrice Index

(CPI)(CPI)


Term used to justify Term used to justify the cost of a Hershey the cost of a Hershey bar going up because bar going up because

sugar prices might sugar prices might have increased…have increased…

““Cost-Push” Cost-Push” inflationinflation

Personal Finance (100)Personal Finance (100)

A collection A collection of financial of financial

assets…assets…

PortfoliPortfolioo

Personal Finance (200)Personal Finance (200)The ease at The ease at which you which you can carry can carry money is money is

this…this…

PortabilitPortabilityy


Collateral, credit, Collateral, credit, compensating compensating

factors, cash, and factors, cash, and capability are all capability are all

part of this…part of this…

The 5 C’s of The 5 C’s of lendinglending


When you have When you have one of these your one of these your money is invested money is invested

in a variety of in a variety of stocks.stocks.

Mutual Mutual FundFund


How old is Mr. Chance?How old is Mr. Chance?A type of stock A type of stock that reinvests that reinvests its profit into its profit into the company.the company.

Growth Growth StockStock

Economic Concepts/Terms Economic Concepts/Terms (600)(600)

This occurs when This occurs when Ms. Christiansen Ms. Christiansen

goes back to school, goes back to school, earns his Masters earns his Masters

Degree, and gets a Degree, and gets a raise.raise.

Learning Learning EffectEffect


Term given to the Term given to the idea of spending idea of spending

money on the money on the homeless or the homeless or the

military.military.

Guns or Guns or ButterButter


The incentive The incentive manufactures manufactures have to sell have to sell

their products.their products.

ProfitProfiton on

SalesSales


The direction a The direction a demand curve demand curve would shift for would shift for firewood if “a firewood if “a

record snow storm record snow storm hit Big Bear.”hit Big Bear.”

To the To the RightRight


Market structure Market structure where two to four where two to four

firms produce 70 to firms produce 70 to 80% of a product.80% of a product.

OligopolyOligopoly

Fiscal Policy (600)Fiscal Policy (600)

Social welfare Social welfare program providing program providing benefits to people benefits to people

who meet a who meet a certain criteria. certain criteria.

EntitlemeEntitlementnt


Cutting taxes Cutting taxes would be this would be this type of fiscal type of fiscal

policy.policy.

Expansionary Expansionary Fiscal PolicyFiscal Policy


The two bodies The two bodies of government of government

that put the that put the federal budget federal budget

together.together.

Congress Congress and the and the White White HouseHouse


Decreasing Decreasing government government

spending is an spending is an example of this example of this type of policy.type of policy.

ContractionarContractionary fiscal policyy fiscal policy



The idea that every The idea that every dollar spending dollar spending

creates more than creates more than one dollar in one dollar in

economic activity.economic activity.

Money Money MultiplierMultiplier

Monetary Policy (600)Monetary Policy (600)

Fiscal policy deals Fiscal policy deals with taxing and with taxing and

spending. spending. Monetary policy Monetary policy

deals withdeals with

Altering Altering the money the money

supplysupply

MonetaryMonetary Policy (700) Policy (700)

The Federal The Federal Reserve was Reserve was

created to lessen created to lessen the effects of the effects of

inflation and this inflation and this cycle.cycle.

The The Business Business

CycleCycle


Monetary Policy Monetary Policy tools are tools are

adjusting the RR, adjusting the RR, discount rate, discount rate,

andand

The sales of The sales of government government

bonds.bonds.


The FED does this The FED does this to encourage to encourage

banks to lend out banks to lend out more of their more of their

reserves.reserves.

Reduce the Reduce the Discount Discount

RateRateOr Reserve Or Reserve RequiremenRequiremen

tt


Printing mass Printing mass amounts of amounts of

money would money would cause this…cause this…

HyperinflatiHyperinflationon

Banking (600)Banking (600)

Banks make Banks make most of their most of their income from income from

this…this…

Interest Interest on loanson loans


If interest rates If interest rates increase increase

depositors have depositors have an incentive to an incentive to

do this…do this…

Save moreSave moreand borrow and borrow

lessless


The original The original amount of money amount of money you borrow from a you borrow from a bank when taking bank when taking

out a loan…out a loan…

PrincipaPrincipall



This occurs when This occurs when more customers more customers withdraw money withdraw money

than the bank has than the bank has in reserves…in reserves…

Bank Bank RunRun


They make sure They make sure you don’t lose you don’t lose your money if your money if

your bank fails…your bank fails…

FDICFDIC

Random (600)Random (600)

This is a type of This is a type of market where there market where there

are many are many companies selling companies selling

similar but not similar but not identical products…identical products…

MonopolistMonopolistic ic

CompetitioCompetitionn


Martha Martha Stewart was Stewart was accused of accused of

participating in participating in this…this…

Insider Insider TradingTrading


The “ability to The “ability to pay” theory pay” theory reflects this reflects this

type of type of taxation…taxation…

ProgressivProgressive income e income

taxtax


The measure The measure used to indicate used to indicate

your credit your credit risk/credit risk/credit ranking…ranking…

FICO FICO ScoreScore

Random (1000)Random (1000)The cash and coin The cash and coin currency used in currency used in circulation in the circulation in the

United States United States today is an today is an

example of this…example of this…

Fiat Fiat MoneyMoney

I hope you studyI hope you study..

Final jeopardy duke

Education

economic performance

economic conceptst erms

jeopardy round

notthe market

final jeopardyfinal

goods andincluding goods

freedomprivate ownership

controlled competition