Econ - JeopardyCharts

and Graphs Vocab 2 Scenarios 3 Vocab 4 Vocab 5

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 from H1

This is a simple economic model illustrating the flow of goods and services though the economy

$100 Answer from H1

What is the Circular Flow Model?

$200 Question from H1

This graph shows the maximum outputthat can be gained betweentwo products when all resourcesare used appropriately

$200 Answer from H1

What is the PPF?PPC?Production Possibilities Frontier?Production Possibilities Curve?

$300 Question from H1

This graph, showing two lines extending diagonally and upwardsto the left, is a depiction of

$300 Answer from H1

What is the Demand Curve?

$400 Question from H1

This graph, showing two lines extending diagonally and upwardsto the right, is a depiction of

$400 Answer from H1

What is the Supply Curve?

$500 Question from H1

This graph shows that there is

$500 Answer from H1

What is a Decrease in Supply?

$100 Question from H2

Price goes up and demand changes very little if at all.

$100 Answer from H2

What is Inelasticity?

$200 Question from H2

This is the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service

$200 Answer from H2

What is Marginal Benefit?

$300 Question from H2

This is the cost of any activity measured in terms of the value of the next best alternative forgone

$300 Answer from H2

What is Opportunity Cost?

$400 Question from H2

Price goes up and demand goes down

$400 Answer from H2

What is Elasticity?

$500 Question from H2

This Latin phrase means that nothing changes; things remain constant

$500 Answer from H2

What is Ceteris Paribus?

$100 Question from H3

A man was looking at a demand curveand noticed that the arrow moved fromone point to the next. The arrow went in an upward direction and to the left.

$100 Answer from H3

What is a Decrease in Quantity demanded?

Extra 2 points! What happened tothe price?

$200 Question from H3

What in the world?Apple Ipads have jumped from $700 to $1200, surely this will cause two changes.

$200 Answer from H3

What is an Increase in Quantity Supplied?What is a Decrease in Demand?

$300 Question from H3

Flat screen TV’s are not going to be on sale this year on Black Friday. The price will remain the same; however, there has been an increase in people requesting the product.

$300 Answer from H3

What is an Increase in Demand?

$400 Question from H3Famous rapper Gucci Mane chose to buy three more pairs of True Religion jeans for $300 dollars a piece instead of getting the Ice Cream tattoo removed from his face for $250 per procedure. This procedure will take two sessions with promising results. What is the opportunity cost of purchasing the True Religion jeans?

$400 Answer from H3

What is $500 Dollars?

$500 Question from H3

Although his previous album didn’tsell as much as he though it would,Miguel felt like now that he had made a namefor himself, he would continue to keep his first album on the market by supplyingmore copies without changing the price.

$500 Answer from H3

What is Increase in Supply?

$100 Question from H4

This is the cost of producing one more unit of a good

$100 Answer from H4

What is Marginal Cost?

$200 Question from H4

This is the place where price meets demand

$200 Answer from H4

What is Equilibrium Price?

$300 Question from H4

Market that provides the thingsneeded to produce goods

$300 Answer from H4

What is the Resource Market?

$400 Question from H4

1. Income Effect2. Substitutes3. Complements4. Tastes5. Expectations6. Number of Buyers

$400 Answer from H4

What are the Determinants of Change in Demand

$500 Question from H4

This is a government-imposed limit on the price charged for a product.

$500 Answer from H4

What is a Price Ceiling?

$100 Question from H5

This is when there is an excess supply of a product

$100 Answer from H5

What is a Surplus?

$200 Question from H5

This is a government- or group-imposed limit on how low a price can be charged for a product

$200 Answer from H5

What is a Price Floor?

$300 Question from H5

This is when there is a disparity between the amount demanded for a product or service and the amount supplied in a market. In this case- there is an excess inDemand.

Hint: Disparity means inequality (not equal)

$300 Answer from H5

What is a Shortage

$400 Question from H5

This is assistance paid to a business or economic sector or producers

$400 Answer from H5

What is a Subsidy?

$500 Question from H5

This is the decrease in the marginal output of a production process as the amount of a single factor of production is increased

$500 Answer from H5

What are Diminishing Returns?

Final Jeopardy

This author wrote, “If one man kills another, it murder, but if a hundred thousand men kill another hundred thousand, it is considered an act of glory!?”

Final Jeopardy Answer

Who is Tolstoy?(The book is Kingdom of God)