Greek Jeopardy

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(No Transcript)
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Demand and Supply
Labor
Market Structures
Business Organizations
200
200
200
200
400
400
400
400
600
600
600
600
800
800
800
800
1000
1000
1000
1000
3
Demand and Supply
Labor
Market Structures
Business Organizations
200
200
200
200
400
400
400
400
600
600
600
600
800
800
800
800
1000
1000
1000
1000
4
Demand and Supply 200

• A goods price is lower and consumers will buy
  more of it.

5
Demand and Supply 400

• Consumers will demand less of this type of good
  when their income increases.

6
Demand and Supply 600

• Miss Devine likes Netflix. Netflix raises the
  price of their monthly subscription to 20 per
  month. Miss Devine is sensitive to this price
  change and responds by canceling her monthly
  subscription.

7
Demand and Supply 800

• The change in output from hiring one additional
  unit of labor.

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Demand and Supply 1000

• Type question here

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Demand and Supply 200-Answer

• What is the Law of Demand?

10
Demand and Supply 400-Answer

• What is an inferior good?

11
Demand and Supply 600-Answer

• What is an elastic good/service?

12
Demand and Supply 800-Answer

• What is marginal product of labor?

13
Demand and Supply 1000-Answer

• What is a shortage?
• When the actual price in a market is below the
  equilibrium price. Low price encourages buyers
  and discourages sellers.

14
Labor 200

• All nonmilitary people who are employed or
  unemployed.

15
Labor 400
If a strike continues for a long time, the 2
sides sometimes call in a third party to help
settle the dispute. (need two answers to win
wager amount)
Daily Double
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Labor 600

• Organized work stoppage intended to force an
  employer to address union demands.

17
Labor 800

• Started the United States Labor Movement. Focused
  on higher wages, shorter hours and safer work
  environments.

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Labor 1000

• Wages vary according to workers skill levels and
  education. Jobs are often categorized into four
  skill levels?

19
Labor 200-Answer

• What is the labor force?

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Labor 400-Answer

• What is mediation and arbitration?

21
Labor 600-Answer

• What is a strike?

22
Labor 800-Answer

• Who is Samuel Gompers?

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Labor 1000-Answer

• What is unskilled labor, semi-skilled labor,
  semi-skilled labor, and professional labor

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Market Structures 200

• Market in which a single seller dominates with a
  unique product.

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Market Structures 400

• Market structure in which a large number of firms
  all produce the same product (identical) and no
  single seller controls supply or prices.

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Market Structures 600

• Burger King, McDonalds and Wendys are an example
  of this Market Structure.

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Market Structures 800

• The division of consumers into groups based on
  how much they will pay for a good.

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Market Structures 1000

• Laws that encourage competition in the
  marketplace.

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Market Structures 200-Answer

• What is a Monopoly?

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Market Structures 400-Answer

• What is Perfect Competition?

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Market Structures 600-Answer

• What is an Oligopoly?

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Market Structures 800-Answer

• What is price discrimination?

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Market Structures 1000-Answer

• What are antitrust laws?

34
Business Organizations 200

• A business owned and managed by a single
  individual.

35
Business Organizations 400

• A business organization owned by two or more
  persons who agree on a specific division of
  responsibilities and profits.

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Business Organizations 600

• The share of earnings given by a franchise as a
  payment to the franchiser.

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Business Organizations 800

• GM buys Michelin tires.

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Business Organizations 1000

1. Voluntary and open membership
2. Control of the organization by its members.
3. Sharing of contributions and benefits by members.

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Category 4 200-Answer

• What is a sole proprietorship?

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Business Organizations 400-Answer

• What is a partnership?

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Business Organizations 600-Answer

• What are royalties?

42
Business Organizations 800-Answer

• What is a vertical merger?

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Business Organizations 1000-Answer

• What is a cooperative?

44
Final Jeopardy

• Elasticity of Demand

45
Final Jeopardy

• Suppose that you mow lawns for six customers a
  week a charge 10.00 a lawn. What is your total
  revenue? The next year you raised your price to
  15.00 per lawn and lost two customers. What
  will happen to your total revenue? Is the demand
  for your lawn-mowing service at this price
  elastic or inelastic?

You have 1 minute to consult
46
Final Jeopardy

• Suppose that you mow lawns for six customers a
  week a charge 10.00 a lawn. What is your total
  revenue? The next year you raised your price to
  15.00 per lawn and lost two customers. What
  will happen to your total revenue? Is the demand
  for your lawn-mowing service at this price
  elastic or inelastic?

You have 30 seconds to consult
47
Final Jeopardy

• Suppose that you mow lawns for six customers a
  week a charge 10.00 a lawn. What is your total
  revenue? The next year you raised your price to
  15.00 per lawn and lost two customers. What
  will happen to your total revenue? Is the demand
  for your lawn-mowing service at this price
  elastic or inelastic?

You have 15 seconds to consult
48
Final Jeopardy

• Suppose that you mow lawns for six customers a
  week a charge 10.00 a lawn. What is your total
  revenue? The next year you raised your price to
  15.00 per lawn and lost two customers. What
  will happen to your total revenue? Is the demand
  for your lawn-mowing service at this price
  elastic or inelastic?

Time Is Up
49
Final Jeopardy - Answer

• Elasticity of Demand change in Q demanded/
  change in price
• Less than 1INELASTIC

10-15
6-4
x
100
x
100
10
6
50
Jeopardy

• Thank you for playing another fine round of
  Americas favorite question and answer game.