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Jeopardy. Basics. decisions Decisions. Anythings Possible. other Stuff. Inventions. Q $100. Q $100. Q $100. Q $100. Q $100. Q $200. Q $200. Q $200. Q $200. Q $200. Q $300. Q $300. Q $300. Q $300. Q $300. Q $400. Q $400. Q $400. Q $400. Q $400. Q $500. Q $500. Q $500.
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Jeopardy Basics decisions Decisions Anythings Possible other Stuff Inventions Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Q $200 Q $200 Q $300 Q $300 Q $300 Q $300 Q $300 Q $400 Q $400 Q $400 Q $400 Q $400 Q $500 Q $500 Q $500 Q $500 Q $500 Final Jeopardy
$100 Milk producers who reduce production of milk in response to government efforts to keep prices low had led to this condition.
$100 What is a shortage?
$200 Land, labor, human-capital and physical capital
$200 What are factors of production or productive resources?
$300 22% of the population in Ethopia have sustainable access to this scarce resource.
$300 What is water?
$400 Increased productivity, knowledge, And efficiency are benefits of this Productive resource.
$400 What capital?
$500 This constant condition is considered the fundamental problem that all economies face.
$500 What is scarcity?
$100 Bill Gates, Sam Walton, and Mark Zuckerberg, combined these In order to create new and innovative Enterprises.
$100 What are the factors of production?
$200 Risk-taker.
$200 What is a word that describes an entrepreneur?
$300 Interchangeable parts and the assembly line were production methods first revolutionized by this 18th century patriot.
$300 Who was Eli Whitney?
$400 Entrepreneurs are good at recognizing ______ and _____ For certain goods and services.
$400 What are needs and wants?
$500 This highly successful entrepreneur recently announced his retirement. as the CEO of Apple.
$500 Who is Steve Jobs?
My first choice is to spend my vacation in San Diego, my second choice is to go on a Caribbean cruise and my third choice Is to go salmon fishing in the Kenai River. If I end up going to San Diego, this is the Opportunity cost of that decision. $100
$100 What is a Caribbean cruise?
$200 If the Pentagon makes the decision to close down the Air Force refueling station at Grissom Air Force Base to expand the state prison to house more convicts he is making this type of decision.
$200 What is “guns or butter”?
$300 The act of giving up one benefit In order to gain another, greater Benefit.
$300 What is making a trade-off?
$400 A newspaper publisher is contemplating expanding its territory by either a 10 mile, 20 mile, or 30 mile radius. What Is this process called?
$400 What is thinking at the margin?
$500 The additional satisfaction, profit, or utility derived from purchasing one more unit of a good.
$500 What is marginal benefit?
$100 The line along the production possibilities curve that represents maximum possible output an economy can produce.
$100 What is the production possibilities frontier?
$200 Explains why the production possibilities curve is bowed outward.
$200 What is the law of increasing Costs?
The blue arrows illustrate this economic principle. $300 20 15 10 5 0 5 10 15 20 25
$300 What is the law of increasing cost?
Point B represents this. $400 20 15 10 5 0 B 5 10 15 20 25
$400 What is underutilization
$500 When an economy uses fewer Resources than it is capable of Using.
$500 What is underutilization?
$100 A graph that shows alternative Ways to use an economy’s productive resources.
$100 What is the production possibilities curve?
$200 Nissan has been moving engineering Operations to this country in order to Expand their production capacity.
$200 What is VietNam?
$300 Many governments invest in this To increase its country’s efficiency.
$300 What is technology?
$400 This popular practice by auto makers Has led to more jobs in the under- Developed world.
$400 What is outsourcing?
$500 Efficiency is achieved by putting These to their most productive use.?
