Econ 1 Jeopardy 1 Jeopardy Template

Powers of Economic Thinking	Economic Basics	Production Possibilities	Supply and Demand	Other
100 Opportunity Cost The next highest-valued alternative	100 Resources Another word for factors of production	100 Absolute Advantage One entity can produce something absolutely faster than or greater than another entity.	100 Competitive is a market with many buyers and sellers The economic difference between a market and a competitive market	100 Deficit Spending is greater than revenue during one year
200 Margin The weighing of additional costs and additional benefits of a specific change in the current situation	200 Capital Another word for factors of production	200 Comparative Advantage One entity that can produce something at a lower marginal opportunity production cost than another	200 Price What variable changes quantity demanded?	200 Consumer Price Index A relative measure of how consumer prices change for a representative “basket” of goods, purchased by the majority of urban consumers
300 It depends The answer to most questions in economics	300 Entrepreneurship Factor of production that deals with profit and loss	300 Make yourself worse off in the short run What is necessary to do to make yourself better off in the long run?	300 Qs- it is the amount that will be sold at a specific P. S- is a schedule of quantities of goods and services that will be sold at various prices at a specified time, all other things held constant. What Qs and S represent in terms of supply- be specific!	300 Trade surplus When the value of imports > the value of exports
400 All decisions are rational The second power in economic thinking	400 Scarcity The definition of wants exceeding resources	400 Consumption goods, capital goods What are on the x and y axes of a production curve?	400 1. # of suppliers 2. Costs 3. Physical Availability of Resources 4. Technology 5. Expected Future Prices by Supplier The determinants of supply	400 Natural Rate of Unemployment Normal rate of unemployment around which the unemployment rate fluctuates
500 People are maximizers The fifth power of economic thinking	500 Post Hoc Fallacy A false cause and effect relationship	500 The factors that shift the PP curve outward	500 of consumers 2. Income--Normal Goods 3. Income--Inferior Goods 4. Preferences 5. Price of related products: Substitutes 6. Price of related products: Complements 7. Expected future P’s by consumers 8. Expected future Y by consumers The determinants of demand	500 Frictional Unemployment When people are moving (transiting) from one job to another (searching)

Econ 1 Jeopardy

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