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JeopardyEconomic Decisions
Economic Systems
Economic Indicator
s
Business Cycle
Supply & Demand
Q $100
Q $200
Q $300
Q $400
Q $500
Q $100 Q $100Q $100 Q $100
Q $200 Q $200 Q $200 Q $200
Q $300 Q $300 Q $300 Q $300
Q $400 Q $400 Q $400 Q $400
Q $500 Q $500 Q $500 Q $500
Final Jeopardy
$100 Question
Things that add to the comfort of our live;
sometimes referred to as luxuries
$100 Answer
What are wants?
$200 Question
Examples include food, water, shelter
$200 Answer
What are needs?
$300 Question
Tangible objects … things you can see and touch
$300 Answer
What are goods?
$400 Question
Satisfied through the efforts of others
$400 Answer
What are services?
$500 Question
Factors of Production
$500 Answer
What are natural resources, human resources, and
capital resources?
$100 Question
The economic questions that define a nation’s
economic system
$100 Answer
What to produce, how to produce it, and for whom?
$200 Question
All economic questions are answered by the
government; there are two names for this system
$200 Answer
What is a command economy or directed
economy?
$300 Question
Canada and Sweden are examples of this type of mixed
economy
$300 Answer
What is socialism?
$400 Question
Communism is a mixed economy characterized by government control. List
two communist countries in the world today.
$400 Answer
What are China, Cuba, or North Korea?
$500 Question
Characterized by marketplace competition
and no government involvement
$500 Answer
What is a market economy?
$100 Question
The number of people who are willing & able to work
but cannot find a job
$100 Answer
What is the unemployment rate?
$200 Question
This indicator tells us that the cost of living is getting
more expensive
$200 Answer
What is inflation?
$300 Question
The United States’ rank in the world for GDP as
compared to other nations today
$300 Answer
What is second?
$400 Question
The sum of all goods and services produced within a
country in a given year
$400 Answer
What is Gross Domestic Product?
$500 Question
Definition of Economic Indicators
$500 Answer
What are figures used to measure the performance
of a nation’s economy?
$100 Question
Definition of the Business Cycle
$100 Answer
What is the rise and fall of economic activity over
time?
$200 Question
GDP is increasing, unemployment is
decreasing in this stage of the cycle
$200 Answer
What is recovery?
$300 Question
Also known as a trough, this stage last six months or
more
$300 Answer
What is depression?
$400 Question
GDP is at its highest and unemployment is at its
lowest
$400 Answer
What is the peak or prosperity?
$500 Question
Historically many big businesses begin during this stage … explain why
$500 Answer
What is a depression? Entrepreneurs seek a
product that consumers need or have never had
before.
$100 Question
The rivalry that exists between two businesses
selling the same product is called this
$100 Answer
What is competition?
$200 Question
As price increases, quantity also increases
$200 Answer
What is the law of supply?
$300 Question
When supply is greater than demand, this occurs
$300 Answer
What is a surplus?
$400 Question
This is the point of maximum profit for
producers
$400 Answer
What is the equilibrium point?
$500 Question
If supply is less than demand, it creates this type
of market
$500 Answer
What is a sellers’ market?
Final Jeopardy
Two or more businesses that offer dissimilar goods
or services that may substitute for each other
are engaged in this
Provide an example (either products or businesses).