Economics Review Jeopardy Template

Fundamental Concepts	Economic Systems	Forms of Business Organization	Demand	Supply
100 What are the factors of production? Land, Capital, labor, entrepreneurs, production	100 What are the types of economic systems in the world? Traditional, Command, Market, Mixed	100 What is the most common form of business organization in the US? Sole proprietorship	100 What is Microeconomics? The part of economic theory that deals with behavior and decision making by individual units like people and firms	100 What can cause a change in supply? Cost of resources, productivity, technology, taxes and subsidies, expectations, government regulations, and number of sellers
200 What does the Circular Flow diagram represent? the flow of economic activity from households to firms via product and factor markets	200 What type of economic system is the United States? Market	200 What a key benefit to forming a partnership? Ease of management, easy to start, lack of special taxes, easy to find/attract investors, efficient operations, easy to get top talent	200 How is demand illustrated? Schedules and curves	200 What are the stages of production? Increasing marginal returns, decreasing marginal returns, negative marginal returns
300 What is the fundamental economic problem? Scarcity	300 What are the economic and social goals of the US Economic freedom, efficiency, equity, security, full employment, price stability, economic growth	300 What are the types of mergers? Vertical, horizontal, conglomerates, multinational	300 What is the law of demand? Is a rule state that consumer swill buy more of a product at lower prices and less at higher prices.	300 What are the types of costs? Fixed, variable, total, marginal
400 What is opportunity cost? The cost of the next best altrernative	400 What are the characteristics of a free enterprise capitalist system? Economic freedom, voluntary exchange, private property rights, profit motives, competition	400 What is an example of government involvement in economics (US specific)? FDIC, US Postal Service, TVA	400 What factors can change or alter quantity demanded? Income, substitutes, compliments, expectations, number of consumers, consumer tastes	400 What is perfect competition? Where many well-informed and independent buyers and sellers exchange identical products
500 What does the PPF represent? Opportunity Cost	500 What is the role of the government in the economy? Consumer, regulator, provider, protector	500 What is role do unions play in our economic system? Collective bargaining	500 What is demand elasticity? The extent to which a change in price can cause a change in quantity demanded	500 What is an oligopoly? A market structure where there are very few large sellers that dominate an industry. It is far from perfect competition.

Economics Review

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