Jeopardy: Unit IBACK TO BASICS

MEGA MODELS

GO TO GOAL 3 OF A KIND MERGER MANIA

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What are the three basic questions every economy must answer?

A

Define “economics”

B

List 3 examples of capital

C

Explain the difference between durable and non-durable goods

D

The situation in which some necessities have little or no value, while some non-necessities have a

much higher value is known as _________________________

E

The economic model showing the flow of goods and services as well

as the flow of money in our economy is known as the

___________________________

F

What market do consumers shop in?

What market do producers shop in?

G

A diagram illustrating the concept of opportunity cost, by contrasting the production of

two competing goods is known as

_________________________H

Why do economists use economic models?

I

Explain the difference between trade-off and

opportunity cost.

J

Consumers have the freedom to decide how to spend their income. What

socioeconomic goal is represented by this?

K

FDIC, Social Security, and Unemployment Insurance

all represent the socioeconomic goal of

______________________.

L

The progressive income tax and minimum wage are examples of what socioeconomic goal?

M

Who makes the decisions in - a traditional economy?- a command economy?- a market economy?

N

What is the correct term for the type of economy the United States has?

O

Which type of business accounts for almost ¾ of all businesses in the

United States?

P

Which type of businesses account for almost 90% of all sales of goods and services in the United States?

Q

Unlimited liability, quick decisions, and

not having to share the profits are

characteristics of what type of business?

R

A type of business that can have two or more partners and can either be limited or general is

known as ___________________

S

List the three types of business organizations

and give 1 disadvantage of each.

T

List 2 reasons why mergers occur

U

Explain what a multinational company

is. Give 1 example.

V

What is a conglomerate?

Give 1 example.

W

Create a horizontal merger that includes at

least 4 companies

X

Create a vertical merger that includes at least 4

companies

Y