This document contains questions from a Jeopardy-style game covering various economic concepts and terms. It includes categories such as economic concepts, economic systems, measuring economic performance, supply and demand, fiscal policy, monetary policy, banking, and random economic topics. Players were tested on their knowledge of key ideas including factors of production, opportunity cost, GDP, inflation, fiscal and monetary policy tools, banking activities like interest on loans, and more.
4. Final JeopardyFinal Jeopardy
This law is proven when aThis law is proven when a
worker is hired and theyworker is hired and they
contribute less to thecontribute less to the
output than those hiredoutput than those hired
before them.before them.
8. Economic ConceptsEconomic Concepts (200)(200)
Including goods andIncluding goods and
services, allservices, all
resources are this…resources are this…
10. Economic Concepts (300)Economic Concepts (300)
The most desirableThe most desirable
alternative given upalternative given up
when making awhen making a
decision.decision.
12. Any resource made byAny resource made by
humans and used tohumans and used to
created other goodscreated other goods
and services.and services.
Economic Concepts (400)Economic Concepts (400)
16. Economic Systems (100)Economic Systems (100)
This person stated that inThis person stated that in
a market economy, self-a market economy, self-
interest controlledinterest controlled
competition.competition.
18. EconomicEconomic SystemsSystems ((200200))
An economic system thatAn economic system that
includes governmentincludes government
ownership, allocation byownership, allocation by
command, and planning ofcommand, and planning of
all decisions by theall decisions by the
government.government.
20. Economic Systems (300)Economic Systems (300)
Private ownership, freedomPrivate ownership, freedom
of choice, and competitionof choice, and competition
are characteristic of thisare characteristic of this
economic system.economic system.
23. Economic Systems (400)Economic Systems (400)
These two entities setThese two entities set
the price of good andthe price of good and
services in a marketservices in a market
economy.economy.
25. Economic Systems (500)Economic Systems (500)
System that doesSystem that does
not provide thingsnot provide things
the market does notthe market does not
address…address…
27. Supply and Demand (100)
Adam Smith’sAdam Smith’s
imaginary friend whoimaginary friend who
said individuals act onsaid individuals act on
self-interest…self-interest…
30. Supply and Demand (200)
This is the mostThis is the most
important factor inimportant factor in
determining pricedetermining price
elasticity forelasticity for
supply…supply…
34. Supply and Demand (400)
This law states thatThis law states that
lower prices causelower prices cause
people to buy more ofpeople to buy more of
a good.a good.
36. Supply and Demand (500)
This law states thatThis law states that
when the price ofwhen the price of
goods rise so will thegoods rise so will the
quantity supplied.quantity supplied.
38. Economic Performance (100)
Ms. Duke is thisMs. Duke is this
because he has a B.S. inbecause he has a B.S. in
biology and is workingbiology and is working
at Del Taco.at Del Taco.
40. Economic Performance (200)(200)
This includes consumerThis includes consumer
spending, businessspending, business
investment, governmentinvestment, government
investment, and netinvestment, and net
exports…exports…
44. Economic Performance (400)
A representation of aA representation of a
typical market basket oftypical market basket of
goods for a urbangoods for a urban
household…household…
46. Economic Performance (500)
Term used to justify theTerm used to justify the
cost of a Hershey bar goingcost of a Hershey bar going
up because sugar pricesup because sugar prices
might have increased…might have increased…
52. Personal Finance (300)Personal Finance (300)
Collateral, credit,Collateral, credit,
compensating factors,compensating factors,
cash, and capability arecash, and capability are
all part of this…all part of this…
54. Personal Finance (400)Personal Finance (400)
When you have one ofWhen you have one of
these your money isthese your money is
invested in a varietyinvested in a variety
of stocks.of stocks.
56. Personal Finance (500)Personal Finance (500)
How old is Mr. Chance?How old is Mr. Chance?
A type of stockA type of stock
that reinvests itsthat reinvests its
profit into theprofit into the
company.company.
58. Economic Concepts/Terms (600)Economic Concepts/Terms (600)
This occurs when Ms.This occurs when Ms.
Christiansen goes backChristiansen goes back
to school, earns histo school, earns his
Masters Degree, andMasters Degree, and
gets a raise.gets a raise.
60. Economic Concepts/Terms (700)Economic Concepts/Terms (700)
Term given to the idea ofTerm given to the idea of
spending money on thespending money on the
homeless or the military.homeless or the military.
62. Economic Concepts/Terms (800)Economic Concepts/Terms (800)
The incentiveThe incentive
manufactures havemanufactures have
to sell theirto sell their
products.products.
64. Economic Concepts/Terms (900)Economic Concepts/Terms (900)
The direction a demandThe direction a demand
curve would shift forcurve would shift for
firewood if “a recordfirewood if “a record
snow storm hit Bigsnow storm hit Big
Bear.”Bear.”
66. Economic Concepts/Terms (1000)Economic Concepts/Terms (1000)
Market structure whereMarket structure where
two to four firmstwo to four firms
produce 70 to 80% of aproduce 70 to 80% of a
product.product.
68. Fiscal Policy (600)Fiscal Policy (600)
Social welfareSocial welfare
program providingprogram providing
benefits to people whobenefits to people who
meet a certain criteria.meet a certain criteria.
72. Fiscal Policy (800)Fiscal Policy (800)
The two bodies ofThe two bodies of
government that putgovernment that put
the federal budgetthe federal budget
together.together.
74. Fiscal Policy (900)Fiscal Policy (900)
DecreasingDecreasing
government spendinggovernment spending
is an example of thisis an example of this
type of policy.type of policy.
77. Fiscal Policy (1000)Fiscal Policy (1000)
The idea that everyThe idea that every
dollar spending createsdollar spending creates
more than one dollar inmore than one dollar in
economic activity.economic activity.
81. MonetaryMonetary Policy (700)Policy (700)
The Federal ReserveThe Federal Reserve
was created to lessen thewas created to lessen the
effects of inflation andeffects of inflation and
this cycle.this cycle.
85. Monetary Policy (900)Monetary Policy (900)
The FED does this toThe FED does this to
encourage banks toencourage banks to
lend out more of theirlend out more of their
reserves.reserves.
91. Banking (700)Banking (700)
If interest ratesIf interest rates
increase depositorsincrease depositors
have an incentive tohave an incentive to
do this…do this…
93. Banking (800)Banking (800)
The original amountThe original amount
of money you borrowof money you borrow
from a bank whenfrom a bank when
taking out a loan…taking out a loan…
96. Banking (900)Banking (900)
This occurs whenThis occurs when
more customersmore customers
withdraw money thanwithdraw money than
the bank has inthe bank has in
reserves…reserves…
98. Banking (1000)Banking (1000)
They make sure youThey make sure you
don’t lose your moneydon’t lose your money
if your bank fails…if your bank fails…
100. Random (600)Random (600)
This is a type of marketThis is a type of market
where there are manywhere there are many
companies selling similarcompanies selling similar
but not identicalbut not identical
products…products…
108. Random (1000)Random (1000)
The cash and coinThe cash and coin
currency used incurrency used in
circulation in thecirculation in the
United States today isUnited States today is
an example of this…an example of this…