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Economics Basketball Review

Economics Basketball Review






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    Economics Basketball Review Economics Basketball Review Presentation Transcript

    • Economics Basketball Class vs. Mr. “Jordan” Spurlin
    • The Rules • Raise your hand to answer the question. • If you get it correct, you may take a shot. • You choose how far away from the basket you want to be. The further away you are, the more points you get. • If you get it wrong, I get to shoot. • I’m going to be tracking participation so everyone must attempt at least one answer. • If you answer but don’t want to shoot, you can donate your shot to somebody else. • Every so often I will call on somebody randomly, so be ready.
    • What is opportunity cost?
    • “The world has finite resources while human wants are infinite.” • This refers to ________________.
    • The demand for orange juice goes up. How do I show that on this graph? Price D Quantity Demanded
    • What is one reason the demand for orange juice might go up?
    • Is this showing a shortage or a surplus? S Price D Quantity Demanded
    • What does the Law of Demand say?
    • What is the point where supply and demand intersect called? S Price D Quantity Demanded
    • What is the Law of Supply?
    • What does a Production Possibilities Curve show? Butter Guns
    • What kind of economy does the United States mostly have? • For a bonus shot, name two current countries that have command economies.
    • Explain to me how utility and selfishness aren’t the same thing.
    • Name one of the seven factors that can affect the demand for a product • For two bonus shots, 5 of the 7. • (Change in income, change in prices or availability of substitutes, ch. in prices or avail. of complements, ch. in weather/season, ch. in # of buyers, ch. in styles/tasts/habits, ch. in expectations)
    • Give me an example of a product that’s demand will change based on the price of a substitute.
    • Give me a pair of products that would be complements to each other.
    • Who won the Grammy for rock album of the year?
    • What is a normal and inferior good? • Bonus shot for giving me an example of each.
    • What is entrepreneurship?
    • Why does the quote, “Big wins require big risks,” describe entrepreneurship well?
    • Why do people or countries trade?
    • What is absolute advantage?
    • What is comparative advantage?
    • What is one of the three barriers to trade? • Bonus shot for naming the other two.
    • Why do governments put up barriers to trade?
    • What does NAFTA stand for?
    • What is one thing the Federal Reserve does?
    • Describe to me the idea of “fractional reserve banking”
    • What is “the business cycle?”
    • Let’s say the supply of apples is reduced due to an apple tree disease. What will happen to the price of applesauce?
    • Why is printing money to improve the economy a bad idea?
    • What is a trade-off?
    • Why doesn’t the change in price of a product change it’s demand? • What changes when the price is changed?
    • Graphing stuff you should know. • Shortage or surplus (and how much). • Comparative advantage (who is going to trade what). • Moving supply and demand curves (and how that affects price). • Price elasticity of demand (which product is more or less elastic).