Economics Basketball

Class vs. Mr. “Jordan” Spurlin

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.

What is opportunity cost?

“The world has finiteresources while human wants

are infinite.”

• This refers to ________________.

The demand for orange juicegoes up. How do I show that

on this graph?

D

Price

Quantity Demanded

What is one reason thedemand for orange juice

might go up?

Is this showing a shortage or asurplus?

D

Price

Quantity Demanded

S

What does the Law ofDemand say?

What is the point wheresupply and demand intersect

called?

D

Price

Quantity Demanded

S

What is the Law of Supply?

What does a ProductionPossibilities Curve show?

Guns

Butter

What kind of economy doesthe United States mostly

have?

• For a bonus shot, name two currentcountries that have commandeconomies.

Explain to me how utility andselfishness aren’t the same

thing.

Name one of the sevenfactors that can affect the

demand for a product• For two bonus shots, 5 of the 7.

• (Change in income, change in prices oravailability of substitutes, ch. in prices oravail. of complements, ch. inweather/season, ch. in # of buyers, ch. instyles/tasts/habits, ch. in expectations)

Give me an example of aproduct that’s demand will

change based on the price ofa substitute.

Give me a pair of productsthat would be complements

to each other.

Who won the Grammy forrock album of the year?

What is a normal and inferiorgood?

• Bonus shot for giving me an example ofeach.

What is entrepreneurship?

Why does the quote, “Bigwins require big risks,”

describe entrepreneurshipwell?

Why do people or countriestrade?

What is absolute advantage?

What is comparativeadvantage?

What is one of the threebarriers to trade?

• Bonus shot for naming the other two.

Why do governments put upbarriers to trade?

What does NAFTA stand for?

What is one thing the FederalReserve does?

Describe to me the idea of“fractional reserve banking”

What is “the business cycle?”

Let’s say the supply of applesis reduced due to an apple

tree disease. What willhappen to the price of

applesauce?

Why is printing money toimprove the economy a bad

idea?

What is a trade-off?

Why doesn’t the change inprice of a product change it’s

demand?

• What changes when the price ischanged?

Graphing stuff you shouldknow.

• 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).