JEOPARDY!
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Introduction to Economics
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Bill Arcuri, WCSD
JEOPARDY!
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Economic
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Systems
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Odds/Ends
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Definition
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Bill Arcuri, WCSD
“These are limited”
What are
Resources?
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“These are unlimited.”
What are
Wants & Needs?
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“A process is needed to
make these.”
What are decisions?
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“What’s the proper order for the
definition of economics?”
1. A, B, C;
3. C, A, B;
5. A, C, B;
2. B, A, C;
4. C, B, A;
6. B, C, A
A. Using Limited resources
B. A process of making decisions
C. to satisfy unlimited wants & needs
What is # 6?
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“Land, Labor, or Capital.”
What are
Economic Resources?
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“An economic system in which
the government lets the
market place answer the three
basic questions”
What is a Command or
Communist Economy?
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An economic opportunity that
allows businesses to make
excessive profits?
What is a Monopoly?
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“The money a business brings in
after costs & expenses are paid
and serves as a motivating force
in Free Enterprise”
What is Profit?
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“This economic system would
be considered a hybrid”
What is Socialism?
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“Another word for tangible
products that you can touch or
feel & have monetary value”
What are goods?
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“Another name for Capitalism”
What is Free
Enterprise?
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“Another name for a
Planned Economy“
What is a Command or
Communist Economy?
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“In this economic system, the
most efficient method will be
used to produce all goods
What is Free Enterprise
or Capitalism?
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In this economic system, the
consumers are said to:
“Vote With Their Dollars.”
What is Free Enterprise
or Capitalism?
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Bill Arcuri, WCSD
In this economic system, all
products are provided to
people who need them the
most.
What is Communism or
Command Economies?
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Every time we ______ products
or services, we are engaging in
an economic activity?
What is purchase or buy?
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It is important to study economics
because it is an _________ part
of everyone’s life.
Basic, important, or critical, ?
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For most people,
________ are limited.
What are monies, incomes, or
resources?
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Daily Double!!!
When we exchange something of
monetary _________ to get
something else we want, we are
engaging in economics
What is bartering, worth, or value?
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Economics can be
described as a process
of getting the ________
for the least.
What is most?
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This system allows for a
great deal of competition for
every product or service
What is Capitalism
or Market Economy?
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This system attempts to take
the best from both Capitalism
and Communism.
What is Socialism?
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In this system, the
government only owns the
major means of production.
What is Socialism?
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In this system, a lot of social
services are available and there
is no such thing as profit.
What is Communism, Planned,
or Command Economy?
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Bill Arcuri, WCSD
In this system, its members
enjoy very limited government
control of the economy.
What is Free Enterprise or
Capitalism?
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In this system, you can
own any type of
business you want.
What is Free Enterprise or
Capitalism?
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The wasting of economic
resources is a frequent
criticism of this economic
system.
What is Free Enterprise or
Capitalism?
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Being guaranteed a job
is a feature of this
economic system.
What is Communism, Planned,
or Command Economy?
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These intangibles can’t be
touched or felt, but have
economic value
What are services?
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A term that describes a
situation where people’s desire
for a product exceeds the
ability of businesses to supply
the product or service.
What is scarcity?
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