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Ch. 1 Jeopardy Review

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Ch. 1 Jeopardy Review

  1. 1. Jeopardy Scarcity and FOP Opportunity Cost Production Possibilities Other Ch. 1 ?’s Gov’t Review 10 10 10 10 10 20 20 20 20 20 30 30 30 30 30 40 40 40 40 40 50 50 50 50 50
  2. 2. Economics in a one word definition…– 10 points
  3. 3. Limited resources to meet unlimited wants. – 20 points
  4. 4. An individual who takes a risk to start a business is known as a/an… – 30 points
  5. 5. Human-made resources used to produced other goods and services. – 40 points
  6. 6. Temporary inability of producers to fill demand for a product at the current price. – 50 points
  7. 7. The next best alternative in any decision. – 10 points
  8. 8. All the alternatives that we give up whenever we choose one course of action over another. – 20 points
  9. 9. Deciding whether to do or use one additional unit of a resource. – 30 points
  10. 10. You bought two new CDs with the last $30 in your checking account, and your next payday is on Monday. What is the opportunity cost of these CDs? a) the difference between the cost to produce the CDs and the price you paid for them b) $30 c) dinner and a movie with your friends this Saturday night d) knowing you are the first of your friends to have these CDs – 40 points
  11. 11. What can a decision-making grid do? a) tell you the right course of action b) show you every possible consequence of your decision c) help you determine some of the opportunity costs for your decision d) show you every possible benefit of your decision – 50 points
  12. 12. A graph showing alternative ways to use an economy’s productive resources. – 10 points
  13. 13. A point on the outside of a PPF would require what? -20 points
  14. 14. If an economy is not using all of its resources, the resources are said to be ______________. -30 points
  15. 15. A line showing the maximum possible output for a given economy using its resources. – 40 points
  16. 16. As production switches from one item to another, more and more resources are needed to increase production of the 2nd item. – 50 points
  17. 17. Natural resources used in the production of other goods and services are known as… – 10 points
  18. 18. Something necessary for survival. – 20 points
  19. 19. Actions or activities that one Person performs for another (i.e. a haircut)– 30 points
  20. 20. Knowledge and skills that a worker gains through education or experience. – 40 points
  21. 21. Name the 4 factors of production. – 50 points
  22. 22. This Supreme Court case established the power of the judicial branch to exercise judicial review. – 10 points
  23. 23. The power to interpretn laws is called __________ power. -20 points
  24. 24. This Supreme Court case established the power of Congress to exercise its implied powers. – 30 points
  25. 25. Those who supported the Constitution are known as… – 40 points
  26. 26. The biggest compromise of the Constitutional Convention involved the composition of the legislative branch. This compromise is known as the…. – 50 points
  27. 27. Final Jeopardy What is the difference b/t a shortage and scarcity?

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