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Jeopardy : Unit I

Jeopardy : Unit I. What are the three basic questions every economy must answer?. A. Define “economics”. B. List 3 examples of capital. C. Explain the difference between durable and non-durable goods. D.

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Jeopardy : Unit I

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  1. Jeopardy: Unit I

  2. What are the three basic questions every economy must answer? A

  3. Define “economics” B

  4. List 3 examples of capital C

  5. Explain the difference between durable and non-durable goods D

  6. The situation in which some necessities have little or no value, while some non-necessities have a much higher value is known as _________________________ E

  7. The economic model showing the flow of goods and services as well as the flow of money in our economy is known as the ___________________________ F

  8. What market do consumers shop in? What market do producers shop in? G

  9. A diagram illustrating the concept of opportunity cost, by contrasting the production of two competing goods is known as _________________________ H

  10. Why do economists use economic models? I

  11. Explain the difference between trade-off and opportunity cost. J

  12. Consumers have the freedom to decide how to spend their income. What socioeconomic goal is represented by this? K

  13. FDIC, Social Security, and Unemployment Insurance all represent the socioeconomic goal of ______________________. L

  14. The progressive income tax and minimum wage are examples of what socioeconomic goal? M

  15. Who makes the decisions in - a traditional economy? - a command economy? - a market economy? N

  16. What is the correct term for the type of economy the United States has? O

  17. Which type of business accounts for almost ¾ of all businesses in the United States? P

  18. Which type of businesses account for almost 90% of all sales of goods and services in the United States? Q

  19. Unlimited liability, quick decisions, and not having to share the profits are characteristics of what type of business? R

  20. A type of business that can have two or more partners and can either be limited or general is known as ___________________ S

  21. List the three types of business organizations and give 1 disadvantage of each. T

  22. List 2 reasons why mergers occur U

  23. Explain what a multinational company is. Give 1 example. V

  24. What is a conglomerate? Give 1 example. W

  25. Create a horizontal merger that includes at least 4 companies X

  26. Create a vertical merger that includes at least 4 companies Y

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