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ReviewJeopardy

The Market Economy Part 1 (Adam Smith)1234The Market EconomyPart 2 (Characteristics)1234567Specialization123456Entrepreneurs123456

Individuals pursuing their self-interest by engaging in mutually beneficial transactions that allow them to increase their standard of living and this results in an overall increase in the standard of living for society was referred to as this by Adam Smith.What is theinvisible hand?3 possible answersThe government establishing regulations that serve as barriers to entry in a market and protect businesses already in the market and results in a distortion of the free market is referred to as this.What iscrony capitalism?The government paying subsidies to certain farmers resulting in a distortion of the free market is referred to as this.What iscrony capitalism?4 possible answersThe concept that individuals and businesses must be able to rely on others to uphold their end of a deal is this characteristic of a market economy.What arebinding contracts?3 possible answersOWNER EMPLOYEE SUPPLIER or GOVERNMENT: the one that is paid last from a businesss operations.Who is theowner?OWNER EMPLOYEE SUPPLIER or GOVERNMENT: the one that not guaranteed to get paid from a businesss operations.Who is theowner?The concept that individuals need to be guaranteed that if they work hard and acquire/maintain/improve a property that it will not be taken away from them for nothing in return is this characteristic of a market economy.What areproperty rights?3 possible answersThe concept that someone who does one specific part of a production process and gets very good at doing it is this.What isspecialization?The concept that someone who does one specific part of a production process while others perform different steps in the production process is this.What isdivision of labor?3 possible answersThe concept that one individual/company/country has a higher level of productivity in producing a product over another is called this.What isabsolute advantage?The concept that one individual/company/country can produce a product at a lower opportunity cost than another is called this.What iscomparative advantage?The concept of comparative advantage as it relates to two individuals/businesses/countries and products they can make is this.What isthey should specialize in products in which they have a lower opportunity cost and trade with the other for other products they need?That the entrepreneur supplies the vision and makes key decisions that set the course for the business enterprise describes this role of an entrepreneur.What isstrategist?That the entrepreneur supplies the energy drive and enthusiasm needed to turn ideas into reality describes this role of an entrepreneur.What isspark plug?That the entrepreneur invests time energy abilities and his/her own money (and often others) to start a new business even though there is no guarantee of success describes this role of an entrepreneur.What isrisk taker?That the entrepreneur thinks of ways to turn new inventions technologies techniques or ideas into goods or services people want describes this role of an entrepreneur.What isinnovator?3 possible answersThis is how profits are calculated.What isRevenues Costs of Production?The 3 reasons entrepreneurs normally start a business.What arePersonal Satisfaction,Contribute to the Economy,andProfit Motive?Jeopardy!Game Show ThemesClassic TV Game Show ThemesShowtunes130042.43, AG# 31BABD30jboardfillOther3709.3938