Unit #2 Jeopardy

This

100

The study of people and choices

What is economics?

200

The ____________ is when a recession in one industry leads to a recession in other industries.

Ripple Effect

300

When the quantity supplied is greater than the quantity demanded what is created?

Surplus

400

When demand and supply meet, the price of the product is established. This is the point of...

Equilibrium

500

Form of inflation triggered by increases in production costs, such as expenses for materials and wages.

Cost-Push Inflation

That

100

When the government increases taxes on individuals or businesses they are exercising which of the following? Monetary or Fiscal Policy?

Fiscal Policy

200

This form of government lacks market competition.

Command Economy/Communism

300

What is the basic economic problem?

Resources are limited - consumer wants and needs are unlimited.

400

The tension between infinite wants and finite resources

What is scarcity?

500

What are the 3 goals of macroeconomics

Economic Growth, Full Employment, Price Stability

Ummm

100

List the 4 Factors of Production

Land, Labor, Capital Entrepreneurship

200

anything that puts the skills, effort and mental abilities of human work

What is labor?

300

Snickers Bar - Elastic or Inelastic?

Elastic

400

This is a type of unemployment that occurs when a downturn in the business cycle reduces the demand for labor throughout the economy

Cyclical Unemployment

500

What is the primary goal of expansionary monetary policy?

A) To decrease the money supply and raise interest rates
B) To reduce inflation by increasing the money supply
C) To stimulate economic growth by increasing the money supply
D) To reduce government debt

C) To stimulate economic growth by increasing the money supply