Blank Jeopardy

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Vocabulary
More Vocabulary
Scarcity
Production
Institutions
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A buyer of a good or service
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CONSUMER
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Physical Objects that are produced to satisfy
wants
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GOODS
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What you give up when making a decision
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OPPORTUNITY COST
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Limited resources to satisfy ones unlimited
wants.
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SCARCITY
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Dividing a job among the workers so that each
worker does some part.
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DIVISION OF LABOR
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Work done for or by someone to satisfy a want.
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SERVICE
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Something that satisfies a desire or need
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WANTS
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James and his little brother set up a lemonade
stand. Their mother bought lemonade mix and paper
cups. The boys sold lots of lemonade and at the
end of the day they had 12.50. Was this their
profit? A.Yes. Profit is how much money people
pay you for your product. B.No. The profit is
how much their mother paid for the lemonade mix
and cups. C.No. First they must divide the money
in half. Each will have a profit of 6.25. D.No.
They must pay their mother back first. The money
left over is their profit.
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D. No. They must pay their mother back first.
The money left over is their PROFIT.
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Being dependant on others for the satisfaction of
wants
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INTERDEPENDANCE
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When a worker its trained in a specific job or
produces a specific product
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SPECIALIZATION
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• An example of a product that would be scarce is
• Candy
• Pencils
• Emeralds
• CDs

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C. EMERALDS
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• Scarcity of a good or service often causes ______
• The price of the good or service to go down
• the price of a good or service to go up
• The good or service to be given away freely
• The good or service to be taken off the market.

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B. The price of the good or service to go up
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• When scarcity exists with a product, often
  businesses will
• Go out of business
• Develop an alternate product to replace the
  scarce product.
• Lower the prices
• None of the above

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B Develop an alternate product to replace the
scarce product.
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• Which of the following is an example of a scarce
  service?
• Medical services
• Factory Workers
• Hair Stylists
• Accountants

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A. Medical Services
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• Which of the following resources could be scarce?
• Money
• Land
• Labor
• All of the above

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D. All of the Above
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• Which of the following is not a good economic
  reason for choosing the brand of shoes to
  purchase?
• The shoe Advertisements one has seen
• The purpose for which the shoes will be worn
• the price of the shoes
• the amount of money one has available

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A. The shoe advertisements one has seen
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• Which of the following is a product
• Marketing Consultation
• Personal Computer
• Legal representation
• Medical Care

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B. Personal Computer
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• Which of the following people provides an
  economic service that meets a need?
• Movie Theater Owner
• Water treatment Plant Operator
• Passenger airplane manufacturer
• Internet service provider

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B. Water Treatment Plant Operator
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• If the demand for a product is high, the supply
  is low, what is the result?
• Price of the good goes up.
• Price of the good goes down
• Producers stop producing the good.
• People stop buying the good

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A. Price of the good goes up
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Michael's uncle sent him money to buy a new
football or a basketball. Michael decided to buy
a basketball. The football has become the
________________. A. trade
B. financial cost C. opportunity cost
D. profit
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C. Opportunity Cost
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In a free enterprise economy, people own and run
their own business. In other kinds of economies,
the government owns businesses. It tells factory
managers what goods to produce, how to produce
them, and how much to charge for them. In the
United States, these decisions are made by
__________________. A. the
president B. governor of the state C. the
church D. business owners
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D. Business Owners
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• Which of the following is a financial
  institution?
• computer company
• a local bank
• A department store
• A bookstore

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B. A local bank
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• Free enterprise means that businesses
• Rely on the government to set prices
• Try to take a loss
• Compete with one another
• Try to avoid revenues

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C. Compete with one another
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• Which of the following statements is true?
• Individuals and households can have budgets.
• Only the federal government has a budget
• Only government entities have economies.
• Individuals and households do not have economies.

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A. Individuals and households can have budgets
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• Which of the following can act as a small
  economic system?
• a Country
• a Bank
• U.S. Economy
• a household

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D. A Household