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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).
Final Jeopardy Answer
What is indirect competition?