GAME NAME:

CHAPTER 4 ECONOMICS

SINGLE JEOPARDY!®  

CATEGORY 1

CATEGORY 2

CATEGORY 3

CATEGORY 4

CATEGORY 5

CATEGORY 6

FULL SIZE
CATEGORY

ABBREVIATED
CATEGORY

Explanation

UNDERSTANDING DEMAND

DEMAND

UNDERSTANDING DEMAND

SHIFTS OF THE DEMAND

CURVE

SHIFT OF

CURVE

SHIFTS OF THE DEMAND

CURVE

ELASTICITY OF DEMAND

ELASTIC

ELASTICITY OF DEMAND

CONSUMERS

CONSUME

CONSUMERS

ECONOMICS 101

ECON

ECONOMICS

MISCELLANEOUS

ECON

MISCELLANEOUS ECONOMICS

CLUE 1

ROW VALUE
200 POINTS


Response 1

GRAPHIC REPRESENTATION OF

A DEMAND SCHEDULE.

DEMAND CURVE

A COMPANY'S TOTAL REVENUE

IS DEFINED AS THE AMOUNT

OF MONEY THE COMPANY

RECEIVES BY SELLING GOODS.

THIS IS DETERMINED BY WHAT

TWO FACTORS?

THE PRICE OF THE

GOODS AND THE

ECONOMISTS DESCRIBE THE

WAY THAT CONSUMERS

RESPOND TO PRICE CHANGES

AS:

ELASTICITY OF DEMAND

ACCORDING TO THE LAW OF

DEMAND, PEOPLE BUY MORE

OR LESS OF A GOOD WHEN ITS

PRICE RISES?

LESS

WHAT TYPE OF ECONOMY IS

THE UNITED STATES ECONOMY

BASED UPON?

FREE MARKET ECONOMY

WHAT DOES GDP TELL

ECONOMISTS ABOUT

BUSINESS CYCLES?

CLUE 2

ROW VALUE
400 POINTS


Response 2

THIS IS THE DESIRE TO OWN

SOMETHING AND THE ABILITY

TO PAY FOR IT.

DEMAND

ECONOMISTS REFER TO THE

ASSUMPTION OF CHANGE AS

THIS LATIN PHRASE FOR "ALL

OTHER THINGS HELD

CONSTANT."

CETERIS PARIBUS

DEMAND FOR A GOOD THAT

YOU WILL KEEP BUYING

DESPITE A PRICE INCREASE IS

KNOWN AS:

INELASTIC

WHAT DOES THE LAW OF

DEMAND SAY ABOUT LOWER

PRICES?

LOWER PRICES

INCREASE QUANTITY

GOODS USED IN PLACE OF ONE

ANOTHER?

SUBSTITUTES

SOMEONE WHO WOULD NOT

CHOOSE TO PAY FOR CERTAIN

GOODS OR SERVICES, BUT

WOULD GET THE BENEFIT IF IT

WERE OFFERED AS A PUBLIC

GOOD IS KNOWN AS:

FREE RIDER

CLUE 3

ROW VALUE
600 POINTS


Response 3

THIS ECONOMIC THEORY SAYS

THAT WHEN A GOOD'S PRICE IS

LOWER, CONSUMERS WILL BUY

MORE OF IT.  WHEN THE PRICE

IS HIGHER, CONSUMERS WILL

BUY LESS.

LAW OF DEMAND

THESE GOODS ARE GOODS

THAT INCREASE IN INCOME

WHICH CAUSES DEMAND FOR

THESE GOODS TO FALL.

INFERIOR GOODS

YOU BUY MUCH LESS OF A

GOOD AFTER A SMALL PRICE

INCREASE, YOUR DEMAND IS:

ELASTIC

WHEN A CONSUMER IS ABLE

AND WILLING TO BUY A GOOD

OR SERVICE, HE OR SHE

CREATES WHICH OF THE

FOLLOWING?

DEMAND

TWO GOODS THAT ARE

BOUGHT AND USED

TOGETHER?

COMPLEMENTS

A SITUATION IN WHICH THE

MARKET, ON ITS OWN, DOES

NOT DISTRIBUTE RESOURCE

EFFICIENTLY IS KNOWN AS

THIS:

MARKET FAILURE

CLUE 4

ROW VALUE
800 POINTS


Response 4

THE LAW OF DEMAND IS THE

RESULT OF NOT ONE PATTER

OF BEHAVIOR, BUT OF TWO

SEPARATE PATTERS THAT

OVERLAP. WHAT ARE THOSE

TWO PATTERNS?

SUBSTITUTION EFFECT

AND THE INCOME EFFECT

THE DEMAND CURVE FOR ONE

GOOD CAN BE AFFECTED BY A

CHANGE IN THE DEMAND FOR

ANOTHER GOOD.  THERE ARE

TWO TYPES OF RELATED

GOODS THAT INTERACT THIS

COMPLEMENTS AND

SUBSTITUTES

DESCRIBES DEMAND WHO'S

ELASTICITY IS EXACTLY

EQUAL TO 1.

UNITARY ELASTIC

HOW DID THE EXISTENCE OF

THE BABY BOOM GENERATION

CHANGE DEMAND IN THE

UNITED STATES?

DEMAND WAS RAISED

FOR DIFFERENT GOODS

GOODS THAT CONSUMERS

DEMAND MORE OF WHEN

THEIR INCOMES INCREASE:

NORMAL GOODS

AN ECONOMIC SIDE EFFECT OF

A GOOD OR SERVICE THAT

GENERATES BENEFIT OR

COSTS TO SOMEONE OTHER

THAN THE PERSON DECIDING

HOW MUCH TO CONSUMER.

EXTERNALITY

CLUE 5

ROW VALUE
1000 POINTS


Response 5

SHOWS THE QUANTITIES

DEMANDED AT EACH PRICE BY

ALL CONSUMERS IN THE

MARKET.

MARKET DEMAND

SCHEDULE

IF A NEW TECHNOLOGY IS

INTRODUCED IN THE

PRODUCTION OF LEMONADE

AND AT THE SAME TIME THE

PRICE OF FRUIT PUNCH

DECREASES WHAT WILL

HAPPEN?

THE SUPPLY OF

LEMONADE WILL

WHEN THE PRICE DOUBLES

FROM .50 TO $1.00, IS DEMAND

ELASTIC, UNITARY ELASTIC, OR

INELASTIC?

INELASTIC

WOULD SNOW SHOVELS

INCREASE IF A SUDDEN WINTER

STORM HIT METRO DETROIT?

YES

WHEN CONSUMERS REACT TO

AN INCREASE IN A GOOD'S

PRICE BY CONSUMING LESS OF

THAT GOOD AND MORE OF

OTHER GOODS?

SUBSTITUTION EFFECT

THE FORCE THAT

ENCOURAGES PEOPLE AND

ORGANIZATIONS TO IMPROVE

THEIR MATERIAL WELL-BEING.

PROFIT MOTIVE

 CATEGORY:   

CHAPTER 4 ECON  

FINAL JEOPARDY!®  

 CLUE:   

A GOOD'S ELASTICY OFDEMAND IS BASED UPONWHAT?    

 Response:   

HOW MUCH OF  YOURBUDGET YOU SPEND ON

JEOPARDY! is a registered trademark of Jeopardy Productions, Inc. © 2010 Jeopardy Productions, Inc. All Rights reserved. Classroom Jeopardy! © Educational Insights

 GAME NAME:

CHAPTER 4 ECONOMICS

DOUBLE JEOPARDY!®  

CATEGORY 1

CATEGORY 2

CATEGORY 3

CATEGORY 4

CATEGORY 5

CATEGORY 6

FULL SIZE
CATEGORY

ABBREVIATED
CATEGORY

Explanation

CLUE 1

ROW VALUE
400 POINTS


Response 1

CLUE 2

ROW VALUE
800 POINTS


Response 2

CLUE 3

ROW VALUE
1200 POINTS


Response 3

CLUE 4

ROW VALUE
1600 POINTS


Response 4

CLUE 5

ROW VALUE
2000 POINTS


Response 5

 CATEGORY:   

CHAPTER 4 ECON  

FINAL JEOPARDY!®  

 CLUE:   

A GOOD'S ELASTICY OFDEMAND IS BASED UPONWHAT?    

 Response:   

HOW MUCH OF  YOURBUDGET YOU SPEND ON

JEOPARDY! is a registered trademark of Jeopardy Productions, Inc. © 2010 Jeopardy Productions, Inc. All Rights reserved. Classroom Jeopardy! © Educational Insights