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?