JeopardyEconomics:

Demand and Supply

Jeopardy - 5/02 (Page One)

Consumer Wants

Stretching Your Dollar

Producers Rule!!

Making Decision

s

Playing the

Game

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Final Jeopardy

1-1-1

Demand goes up!

This usually occurs when price goes down.

1-2-1

The Substitution Effect

What is it called when a person decides that Pizza is too expensive and chooses Burgers for dinner?

1-3-1 – Daily Double

Ceteris Paribus

The name for when ‘All other things are held constant’

1-4-1

Inferior Goods

These are the items that decrease in demand when our income increases

1-5-1

Complements

The items that are in high demand when a related good is being purchased

2-1-1

Inelastic

When demand for a good stays the same despite a price increase it is called:

2-2-1

Elasticity of Demand

A measure of how consumers react to a change in price is called:

2-3-1

Elastic

When a product decreases in demand after an increase in price:

2-4-1 Daily Double

Availability of SubstitutesRelative Importance

Necessities vs. LuxuriesChange over Time

Name one factor that affects elasticity of demand

2-5-1 This describes demand that is not very sensitive to a change in price.

Inelastic

3-1-1

The Law of Supply

The higher the price, the greater the quantity produced is called:

3-2-1

Quantity Supplied

Economists refer to this as the amount of good that is offered for sale at a certain price

3-3-1

Raw Materials Machinery

Labor

Name one example of Input Costs discussed in class:

3-4-1

Subsidies

When the Government provides a payment that supports a business or market.

3-5-1

Future Expectations of Prices

An example is when a farmer holds his crop until the prices rise.

4-1-1

Volume

What is the total number of shares traded called?

4-2-1

52 Wk Range

What is the name of the section you find the high price of a stock for the year?

4-3-1

NYSE & NASDAQ

What are the two markets that most Americans trade on?

4-4-1

Dividends

What are the portion of corporate profits paid out to the stockholders called?

4-5-1

Diversifying Your Portfolio

What is it called when a person spreads out their stock among many different industries?

5-1-1

$100,000

How much money did each team begin with in their portfolio?

5-2-1

Two

How many transactions are you required to make in a week?

5-3-1

22

How many teams from my current economics classes are in this competition?

5-4-1

Short Selling

What is it called when you borrow stocks to make money?

5-5-1 Daily Double

$50,000

How much money can you use to “Buy on the Margin?”

Final Jeopardy

List at least three examples of the theory of Market Entry

Subject: Supply

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