Unit 1 Review Jeopardy (Ch. 1 & 17)
Supply &
Demand
Decision-Making
Economics
Federal
Agencies
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Global
Business
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Situation where consumer’s wants
are greater than the resources
available to satisfy those wants,
also known as, “the basic economic
problem.”
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What is Scarcity?
CORRECT
INCORRECT
Point at which the quantity
supplied equals the quantity
demanded.
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What is the equilibrium
price?
CORRECT
INCORRECT
When quantity supplied exceed
quantity demanded this exists.
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What is a Surplus?
CORRECT
INCORRECT
As prices rise, quantity
demanded will _______,
ceteris paribus.
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Decrease
CORRECT
INCORRECT
If prices continue to increase,
the quantity supplied of the
product will ___________,
ceteris paribus.
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Increase
CORRECT
INCORRECT
A law stating that as a person
increases consumption of a
product there is a decline in the
marginal utility that person derives
from consuming each additional
unit of that product.
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What is the Law of Diminishing
Marginal Utility?
CORRECT
INCORRECT
Things that you cannot live
without.
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What is a Need?
CORRECT
INCORRECT
Feeling of regret after making a
purchase.
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What is Buyer’s Remource?
CORRECT
INCORRECT
The value of the best
alternative when making a
decision.
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What is opportunity cost?
CORRECT
INCORRECT
A purchase made on a whim
without a decision making
process.
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What is an Impulse
Purchase?
CORRECT
INCORRECT
Freedom to make decisions as
a consumer
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What is consumer sovereignty?
CORRECT
INCORRECT
When a consumer buys a product
they are giving the product their
______ vote.
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What is Dollar?
CORRECT
INCORRECT
These are the two results of
competition.
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What is Lower Prices and
Higher Product Quality?
CORRECT
INCORRECT
A general increase in prices that
reduces the purchasing power of
money is called.
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What is Inflation?
CORRECT
INCORRECT
An economy in which the
government tells you what to
produce.
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What is a Command
Economy?
CORRECT
INCORRECT
The U.S. is an example of this type of
economy, as businesses are able to
make most economic decisions yet
there is some government control.
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What is a Mixed
Economy?
CORRECT
INCORRECT
The 3 factors of production.
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What is Land, Labor &
Capital?
CORRECT
INCORRECT
Both acronyms, the ______ is a
measure of prices and inflation
while the ______ measures
annual domestic output.
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What is CPI and GDP?
CORRECT
INCORRECT
Private organization that
gathers information on local
businesses
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What is the Better Business
Bureau (BBB)
CORRECT
INCORRECT
Federal Agency that monitors
the commercial airspace
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What is the Federal
Aviation
Administration?
CORRECT
INCORRECT
Federal Agency that monitors the
Stock Market
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What is the Securities &
Exchange Commission
(SEC)?
CORRECT
INCORRECT
If a radio or TV station airs
offensive language or graphics a
fine would be levied by this
organization.
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What is the FCC?
CORRECT
INCORRECT
It used to be $100,000 but
now the FDIC insures
deposits for investors up to
this amount.
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What is $250,000?
CORRECT
INCORRECT
Organization that refunds
investments made to brokerage
firms.
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What is the Securities &
Investments Protections
Corporation (SIPC)?
CORRECT
INCORRECT
Products sold to other countries
are known as ______ whereas
products purchased from other
countries are called ______.
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What is Exports /
Imports?
CORRECT
INCORRECT
A tax paid on imported
products.
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What is a Tariff?
CORRECT
INCORRECT
NAFTA is a trade agreement
among which three countries.
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What is the U.S., Canada,
Mexico?
CORRECT
INCORRECT
When a country, such as the U.S.,
imports more than it exports, this
exists.
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What is a Trade Deficit?
CORRECT
INCORRECT
The price of one currency in
terms of another currency.
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What is the Exchange
Rate?
CORRECT
INCORRECT
Nations producing items that they
make most efficiently, even if other
nations are better able to make these
products, are known as having this.
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What is a Comparative
Advantage?
CORRECT
INCORRECT
Final Jeopardy
Recent reports indicate McDonald’s beef is
contaminated. Choose a substitute product and plot a
supply & demand graph to show how this incident will
affect either supply or demand for the substitute
product.
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CORRECT
INCORRECT