Principles of Economics Production Economic Performance 1 Economic Performance 2 International Trade...

Principles ofEconomics

ProductionEconomic

Performance1

Economic Performance

InternationalTrade

$100 $100 $100 $100 $100

$200 $200 $200 $200 $200

$300 $300 $300 $300

$400 $400 $400 $400

$500 $500 $500 $500

Supply andDemand

_______ is the cost of what you give up to obtain an

Opportunity Cost

________ is the cost you can never recover no matter

Sunk cost

________ is the small or

incremental amount you would pay extra to have

Marginal Cost

Humankind has unlimited wants but our

resources are limited thus creating the problem of

________

Scarcity

___= revenue – cost of production

Profit

A ____ is anything an individual wants

more of at zero price.

Copper and iron are ______ natural

resources.

Exhaustible

_____ is the study of how a society

manages its scarce resources.

Economics

When you _______ in something, it means you focus on one task enabling you to be more efficient and productive.

Specialize

All factors of production are called ________

Capital resources or capital goods

Demand for a good exists only when consumers are both _____

and ____ to buy it

Willing and able

If elasticity is greater than 1.0,

demand is ______.

Elastic

As substitutes become cheaper, demand for the

normal good will _____

Decrease

_____ goods are goods that go together and usually sold

together.

Complementary goods

A ______ exists when quantity

demanded is lower than quantity

supplied.

Surplus

When firms get together to fix

prices and quantity it is called

Cartel

A profit-seeking individual who

accepts all risk of success or failure

in business

Entrepreneur

When 1 person or 1 group holds all market power in

an industry

Monopoly

Who pays more taxes- a sole

proprietor or a corporation?

Corporation

Legal obligation of a firm to pay off all

Liability

Which type of spending makes up 60% or more of our nation’s

spending?

Consumption

Which type of GDP takes inflation into

account- real or nominal?

I’m thinking of a # 1-10. What is it?

What are the 2 phases of a

business cycle?

Expansion and recession

Which type of unemployment is

caused by recession?

Cyclical

A point of reference to

measure inflation

Consumer price index

_______ are taxes countries place on imported goods.

Tariffs

_______ is a free trade agreement

among US, Mexico, and Canada

The ______ theory states that developing countries will

eventually catch up with the industrialized countries.

Convergence Theory

Crude oil makes up ___% of our

nation’s imports.

Make your wager

Ms. So’s husband

In which city did the Rock play

college football?

Principles of Economics Production Economic Performance 1 Economic Performance 2 International Trade...

Documents

200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100

JEOPARDY Nationalism Categories 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500

$100 $400 $300 $200 $400 $200 $100$100 $400 $200$200 $500$500 $300 $200 $500 $100 $300 $100 $300 $500 $300 $400$400 $500

$200 $300 $400 $500 $300 $400 $500 $300 $400 $500 $300 $400 $500 $300 $400 $500 $300 $400 $500 $100 $200 $100

$ 200 200 $ 300 300 $ 400 400 $ 500 500 $ 100 $ 200 200 $ 300 300 $ 400 400 $ 500 500 $ 100 100 $ 200 200 $ 300 300 $ 400 400 $ 500 500 $ 100 100 $ 200

$100 $200 $300 $400 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $500 $400 $300 $200 $100 $200 $300 $400 $500

$100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300

$100$200$100$300$100$200 $400 $200$200$400 $100$400$100$400 $500 $200$500 $300$500$300$300$500$300$400 $500

$100€¦ · $100 $400 $300 $200 $400 $200 $100 $100 $400 $200 $200 $500 $500 $300 $200 $500 $100 $300 $100 $300 $500 $300 $400 $400 $500

$100 $400 $300 $200 $400 $200 $100 $400 $200 $500 $300 $200 $500 $100 $300 $100 $300 $500 $300 $400 $500

$100 $400 $300$200$400 $200$100$100$400 $200$200$500 $500$300 $200$500 $100$300$100$300 $500$300$400$400$500

Jéopardy VocabulaireGrammaireRèglesTraductionCulture 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500

JEOPARDY Economics Categories 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500

100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500

No Slide Title · $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500

Nutrients $100 $400 $300 $200 $400 $200 $100$100 $400 $200$200 $500$500 $300 $200 $500 $100 $300 $100 $300 $500 $300 $400$400 $500

$100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500…

STARS & GALAXIES JEOPARDY. 100 200 300 200 100 500 400 300 200 300 500 200 400 300 500 400 500 400 300

$100 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400 $500 $100 $200 $300 $400

KnowledgeApplicationAnalysisSynthesis $200 $300 $400 $500 $400 $300 $200 $500 $400 $300 $200 $500 $400 $300 $200