economic concepts jeopardy
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Economic Concepts JeopardyAnagrams
Value, Utility & Wealth
Adam SmithGoods, Services, & Consumers
Economic Interdependence
Productivity
100 100 100 100 100 100
200 200 200 200 200 200
300 300 300 300 300 300
400 400 400 400 400 400
500 500 500 500 500 500
Final Question
Anagrams 100An item that lasts more than 3 years when used routinely (2-Words)
u r a l e b d o o d g
Unscramble the above letters to find the name of the item.
Answer: Durable GoodBack to Questions
Anagrams 200Process of using up goods and services to satisfy wants and needs.
n o t i m p s n o c u
Answer: Consumption
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Anagrams 300 Goods and services that are useful,
relatively scarce, and transferable to others (Two-Words)
m o e o c c i n t c d p o r u s
Answer: Economic ProductsBack to Questions
Anagrams 400
Actions in one part of the country or world have an impact on another part of a country or world is known as what (Two-Words)
m e o o c c n i d p d i t e e e r n n d c e e
Answer: Economic InterdependenceBack to Questions
Anagrams 500 An economic tool that economists use to
predict where resources can be most fully utilized or lack thereof (Three-Words).
n o p o u c d i r t s s i b o l t p i i e i s
n t i e f o r r
Answer: Production Possibilities Frontier
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Value, Utility, & Wealth - 100
Something that has worth and can be expressed in dollars and cents.
Answer: ValueBack to Questions
Value, Utility, & Wealth - 200
Water being a major need having little monetary value compared to diamonds
which are a want having much monetary value.
Answer: Paradox of Value
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Value, Utility, & Wealth - 300
“For something to have value, it must also have ___________, or the capacity to be useful to someone.”
Answer: Utility
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Value, Utility, & Wealth - 400
Capable of being touched; essentially, real and not imaginary.
Answer: Tangible
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Value, Utility, & Wealth - 500
The sum of a nation’s economic products that are tangible, scarce, useful, and transferable from one
person to another – Similar to GDP.Answer: Wealth
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Point Doubler
Adam Smith 100
According to Smith, productivity increases as workers become more ____________.
Answer: Skilled
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Adam Smith 200
Smith argued that a nation’s wealth was the sum of what instead of who owned them?
A. Laissez-Faire
B. Goods Produced by Labor
C. Invisible Hand
Answer: B. Goods Produced by LaborBack to Questions
Adam Smith 300
Smith also argued that competition, together with the free market system, could act as what? It guided resources to their most
productive use.Answer: Invisible Hand
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Adam Smith 400
No government tampering in economic activity which also became a watchword in Great Britain is known as what?
Answer: laissez-faire
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Adam Smith 500
Smith was known as what?
A.Economist & Philosopher
B.Politician & Strategist
C.Entrepreneur & DiplomatAnswer: A. Economist & Philosopher
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Evil Point Doubler!Another team chooses how much you will wager!
Goods, Services, & Consumers - 100
A manufactured good used to produce other goods.
Answer: Capital GoodsBack to Questions
Goods, Services, & Consumers - 200
A good that lasts less than 3 years when used on a regular basis.
Answer: Nondurable Good
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Goods, Services, & Consumers - 300
Something that is not tangible and performed for someone, possible a
customer.
Answer: Service
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Goods, Services, & Consumers - 400
The use of goods to impress others.
Answer: Conspicuous Consumption
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Goods, Services, & Consumers - 500
Something that is intended for final use by an individual.
Answer: Consumer Good
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Economic Interdependence - 100
Location or mechanism that allows buyers and sellers to deal readily in a certain economic product.
Answer: MarketBack to Questions
Economic Interdependence - 200
An economy where consumers and privately owned businesses, rather than the government, jointly make the majority of the WHAT, HOW, and FOR WHOM decisions.
Answer: Free Enterprise Economy
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Economic Interdependence - 300
When individuals receive their incomes, they spend it where?
A) The MallB) Factor MarketC) Product Market
Answer: C. Product Market
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Economic Interdependence - 400
Where do individuals receive their incomes? Also know as a place where productive resources are bought and sold.
Answer: Factor Market
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Economic Interdependence - 500
Relating to Baldwin, Wisconsin, the United States, and the World, how does the flow of economic activity take place among individuals, factor & product markets, and business?A. TriangularB. QuadrilaterallyC. Circular
Answer: CircularBack to Questions
Productivity - 100
What is the term for hiring labor for a specific job that they are skilled at?
Answer: Specialization
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Productivity - 200
The sum of skills, abilities, health, and motivation of people.
Answer: Human Capital
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Productivity - 300
When a worker performs fewer tasks more frequently and becomes more
specialized or an expert in those tasks.
Answer: Division of Labor
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Productivity - 400
Answer: B. When output increases with the same or less amount of input.
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When does productivity go up?A. When input exceeds outputB. When output increases with the same or less amount of input.C. At the Stock Exchange closes
Productivity - 500
If you were a farmer considering purchasing capital goods, what would be the most important.
A. New & Innovative Machinery
B. More Productive Seeds
C. Land with Fertile/Rich Soil
Answer: C. Land with Fertile/Rich SoilBack to Questions
Point Doubler
Final Question
If you take the coin and bill Lincoln is on, the coin and bill Jefferson is on, and the coin and bill Washington is
on, how much money would you have? (Note: Do not use the
Presidential $1 coins)
Answer: $8.31
Back to Questions
Category : MoneyDecide how much you want to risk
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