SUPPLY/DEMAND

SETTING UP A BUSINESS

ENTREPRENEURS

STOCK MARKET

POT LUCK

$100 $100 $100 $100 $100

$200$200$200$200

$300

$200

$300 $300 $300 $300

$400$400$400$400$400

$500 $500 $500 $500 $500

FINAL

JEOPARDY

Jeopardy

If price goes up, what happensto supply?

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$100 Question Cat 1

Supply goes up as well…

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$100 Answer Cat 1

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$200 Question Cat 1

What are the 3 “mixed” economic systems that we’ve studied this semester?

-capitalism-socialism-communism

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$200 Answer Cat 1

$300 Question Cat 1

-Another name for the market clearing price is the:

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Equilibrium price!

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$300 Answer Cat 1

$400 Question Cat 1

-Something that is elastic indemand often has the following 3 characteristics: What are 2 of them?

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-many substitutes-expensive-time to plan (don’tneed to buy in now!)

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$400 Answer Cat 1

$500 Question Cat 1

-Name 2 of the 3 maincauses for a shift in supply:

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-change in marg. cost ofproduction-change in # of sellers-change in expectations

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$500 Answer Cat 1

$100 Question Cat 2

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-What percentage of small businesses fail in the first 2 years?

30-50%

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$100 Answer Cat 2

$200 Question Cat 2

Which type of business type hasthe most numbers in the US?

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-sole proprietorships

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$200 Answer Cat 2

$300 Question Cat 2

IPO stands for?

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Initial public offering

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$300 Answer Cat 2

$400 Question Cat 2

Products are “made for thedump”: this is known as…

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Planned obsolescence

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$400 Answer Cat 2

$500 Question Cat 2

Largest draw back (con)about setting up either a sole proprietorship or apartnership?

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unlimited liability

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$500 Answer Cat 2

$100 Question Cat 3

Who set up and startedFed Ex?

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Fred Smith

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$100 Answer Cat 3

$200 Question Cat 3

Name of the teenage entrepreneurthat set up Eden Body Works?

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Jasmine Lawrence

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$200 Answer Cat 3

$300 Question Cat 3

Term for an entrepreneur whouses fame/fortune to help improve society…give back.

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philanthropist

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$300 Answer Cat 3

$400 Question Cat 3

2 main benefits of buying intoa franchise?

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-they train your employees-they advertise for you-name is already established

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$400 Answer Cat 3

$500 Question Cat 3

-Name 2 main cons of setting up a corporation:

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-double taxation-cost/paperwork

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$500 Answer Cat 3

$100 Question Cat 4

What is the term for spreadingyour money around and not “putting all your eggs in onebasket?”

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diversify

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$100 Answer Cat 4

$200 Question Cat 4

In our stock market gameonline, what was the leastnumber of shares you could buy of any one stock at a time?

$200 Answer Cat 4Answermainboard

-100 shares

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$200 Answer Cat 4

$300 Question Cat 4

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-What are the 3 main things to consider

when looking to save/invest your money?

-safety/risk-liquidity-rate of return

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$300 Answer Cat 4

$400 Question Cat 4

What is the biggest conof investing in a certificate ofdeposit?

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-penalty for taking it ourearly…not as liquid

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$400 Answer Cat 4

$500 Question Cat 4

Best way to make money byinvesting in property?

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-renting it out…

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$500 Answer Cat 4

$100 Question Cat 5

-Studying the unemployment rate in the US would fall underwhich? -macroeconomics or -microeconomics

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macroeconomics

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$100 Answer Cat 5

$200 Question Cat 5

Who wrote “The World IsFlat?”

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Thomas Friedman

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$200 Answer Cat 5

$300 Question Cat 5

-Another term for supply/demand…used by Adam Smithin describing how jobs are filledand things get accomplished…

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Invisible hand

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$300 Answer Cat 5

$400 Question Cat 5

-Name of law in NYS thatsays public employees may not strike?

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Taylor Law

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$400 Answer Cat 5

$500 Question Cat 5

-National Bank in the US thathas the power to adjust interest rates and control supply of money is called the?

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Federal Reserve

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$500 Answer Cat 5

-Our income tax system in theUS is progressive…you pay ahigher percentage as you makemore. Some argue that a “flattax” would be more fair…it’s also known as what?

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Final Jeopardy Question

Answer

Proportional tax

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Final Jeopardy Answer