ch. 1 jeopardy review
DESCRIPTION
TRANSCRIPT
JeopardyScarcity 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
Economics in a one word definition…– 10 points
Limited resources to meet unlimited wants. – 20 points
An individual who takes a risk to start a business is known as a/an…– 30 points
Human-made resources used to produced other goods and services. – 40 points
Temporary inability of producers to fill demand for a product at thecurrent price. – 50 points
The next best alternative in anydecision. – 10 points
All the alternatives that we giveup whenever we choose one course of action over another.– 20 points
Deciding whether to do or useone additional unit of a resource.– 30 points
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
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
A graph showing alternative waysto use an economy’s productiveresources. – 10 points
A point on the outside of a PPF would require what? -20 points
If an economy is not using all of itsresources, the resources are said tobe ______________. -30 points
A line showing the maximum possible output for a given economy using its resources. – 40 points
As production switches from one item to another, more and moreresources are needed to increase production of the 2nd item.
– 50 points
Natural resources used in the production of other goods and services are known as… – 10 points
Something necessary for survival. – 20 points
Actions or activities that onePerson performs for another (i.e. a haircut)– 30 points
Knowledge and skills that aworker gains through educationor experience. – 40 points
Name the 4 factors of production. – 50 points
This Supreme Court caseestablished the power of the judicial branch to exercise judicial review. – 10 points
The power to interpretn laws is called __________ power.
-20 points
This Supreme Court case established the power of Congressto exercise its implied powers.– 30 points
Those who supported theConstitution are known as…– 40 points
The biggest compromise of the Constitutional Conventioninvolved the composition of the legislative branch. This compromise is known as the….– 50 points
Final Jeopardy
What is the difference b/t ashortage and scarcity?