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Economics Basketball Review


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Published in: Business, Economy & Finance
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Economics Basketball Review

  1. 1. Economics Basketball Class vs. Mr. “Jordan” Spurlin
  2. 2. 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.
  3. 3. What is opportunity cost?
  4. 4. “The world has finite resources while human wants are infinite.” • This refers to ________________.
  5. 5. The demand for orange juice goes up. How do I show that on this graph? Price D Quantity Demanded
  6. 6. What is one reason the demand for orange juice might go up?
  7. 7. Is this showing a shortage or a surplus? S Price D Quantity Demanded
  8. 8. What does the Law of Demand say?
  9. 9. What is the point where supply and demand intersect called? S Price D Quantity Demanded
  10. 10. What is the Law of Supply?
  11. 11. What does a Production Possibilities Curve show? Butter Guns
  12. 12. What kind of economy does the United States mostly have? • For a bonus shot, name two current countries that have command economies.
  13. 13. Explain to me how utility and selfishness aren’t the same thing.
  14. 14. 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)
  15. 15. Give me an example of a product that’s demand will change based on the price of a substitute.
  16. 16. Give me a pair of products that would be complements to each other.
  17. 17. Who won the Grammy for rock album of the year?
  18. 18. What is a normal and inferior good? • Bonus shot for giving me an example of each.
  19. 19. What is entrepreneurship?
  20. 20. Why does the quote, “Big wins require big risks,” describe entrepreneurship well?
  21. 21. Why do people or countries trade?
  22. 22. What is absolute advantage?
  23. 23. What is comparative advantage?
  24. 24. What is one of the three barriers to trade? • Bonus shot for naming the other two.
  25. 25. Why do governments put up barriers to trade?
  26. 26. What does NAFTA stand for?
  27. 27. What is one thing the Federal Reserve does?
  28. 28. Describe to me the idea of “fractional reserve banking”
  29. 29. What is “the business cycle?”
  30. 30. Let’s say the supply of apples is reduced due to an apple tree disease. What will happen to the price of applesauce?
  31. 31. Why is printing money to improve the economy a bad idea?
  32. 32. What is a trade-off?
  33. 33. Why doesn’t the change in price of a product change it’s demand? • What changes when the price is changed?
  34. 34. 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).