Jeopardy

FUN DUH MENTALS

These are the four factors of production

The term that describes the satisfaction you get from purchasing each additional unit of any good or service

This is one example of a vertical merger

This is one strength and one weakness of a COMMAND economy

The type of business that has limited life and unlimited liability

Elasticity

This is the direction a supply curve slants

The term that describes when the price of a product changes, the demand for the product changes a lot?

The term that means every time the price of a product doubles, the demand for it is exactly half. Or if the price is cut in half, the demand doubles

These are the three questions that determine demand elasticity

An item that has elastic demand, but inelastic supply

Markets

This is the difference between Perfect Competition and Monopolistic Competition

This is an example of an Externality

Monopoly where there are no other businesses near you

Monopoly that helps reduce prices for consumers

A patent creates this type of monopoly

TAXES

the #1 sources of income of Federal, State and Local governments

Name the #1 sources of spending of Federal State and Local governments

The incidence of tax shifts to the consumer in markets with this type of demand curve

Sales tax is considered this because poor people pay a higher % of their income.

Use of taxes to achieve economic stability is called this type of policy

MACRO TERMS

Economic output per person, adjusted for inflation is called this

This curve shows that the richest 20% of the US earns 50% of the income.

The term that means that deficit spending raises interest rates

The federal insurance agency for banks

The percentage of a deposit that a bank must not lend

Globalization

These are four obstacles to development

The organization whose goal is to stabilize exchange rates

The obstacle to development where you owe money to the international banks

This is one suggestion the World Bank has for rich countries to help poor ones

The most abundant nonrenewable resource found in the US

DOUBLE JEOPARDY

UNIT 1

Two advantages of a corporation

This is one durable and one nondurable good

VIDEO – See Whiteboard - Cycle of Economic Flow

This refers to the amount of technology each worker uses

These are the four aspects of capitalism

Supply and Demand

A substitute and complement for Hamburger meat

This government policy would create a shortage

Three things that will shift the demand curve to the right.

Government taxes and regulations do this to this curve

This effect that determines the slant of the demand curve is caused by the product becoming cheaper compared to substitutes

Inflation and unemployment

These are four of the reasons for unemployment

This is how the misery index is calculated

This is is blamed for demand-pull inflation.

This is the long-term effect of monetizing the debt

A “market basket” helps to calculate this

More MACRO

The number of companies measured in the Standard and Poor Index

Interest rate that the FED charges to banks

Three things the FED can do to stop inflation are

The main difference between equities sold on the NASDAQ and Dow

To achieve diversification, you should invest money in one of these

Lexus and Olive Tree

Define “electronic herd”

This is an example of a non-tariff barrier to trade

Give one argument for and one argument against globalization

“DOS Capital 6.0” refers to this concept

These are 4 rules of the Golden StraightJacket