This

2. What Does You Supply, I’ll Everyone Loves It’s Time for Big Brother
that Graph Demand Vocabulary the Market! And Uncle Sam
Say? Say…
2 points 2 points 2 points 2 points 2 points
3 points 3 points 3 points 3 points 3 points
4 points 4 points 4 points 4 points 4 points
5 points 5 points 5 points 5 points 5 points
6 points 6 points 6 points 6 points 6 points
7 points 7 points 7 points 7 points 7 points
8 points 8 points 8 points 8 points 8 points
9 points 9 points 9 points 9 points 9 points
Team 1 : Team 2 :

3. Reading Graphs: 2 Points
Price per Slice (In Dollars)
The Question Is : 3
2.5
2
How many slices of 1.5
pizza will Ashley 1
Stop!
buy if the price is
0.5
0
$2.50? 0 1 2 3 4 5
Time’s Up! Slices of Pizza per Day
The Answer Is :
1

4. Reading Graphs: 3 Points
The Question Is : 3
2.5
2
At what price will 1.5
1
Ashley demand 4 slices 0.5
of pizza? Stop! 0
0 1 2 3 4 5
Slices of Pizza per Day
Time’s Up!
The Answer Is :
$1.00

5. Reading Graphs: 4 Points
The Question Is : Market Supply Curve
3.5
If the market price 3
2.5
is $1.50, how 2
Stop!
Price
1.5
many slices will be 1
0.5
supplied by all
Time’s Up!
producers in the
0
market? Slices of Pizza per Day
The Answer Is :
2,000

6. Reading Graphs: 5 Points
Individual Supply Curve
The Question Is : 3.5
3
How many slices 2.5
will one pizzeria be 2
Price
Stop!
willing to supply at
a market price of
1.5
1
$2.00 a slice?Time’s Up! 0.5
0
0 50 100 150 200 250 300 350 400
Slices of Pizza per Day
The Answer Is :
250

7. Reading Graphs: 6 Points
The Question Is : Market Supply Curve
3.5
If the market is 3
2.5
willing to supply 2
Price
1.5
4,000 slices of
pizza, what is theStop! 1
0.5
0
Time’s Up!
market price of a
slice of pizza? Slices of Pizza per Day
The Answer Is :
$3.00

8. Reading Graphs: 7 Points
The Question Is : Quantity Quantity
Demanded Supplied
3
The price of 2.5
Excess
$1.00 would be 2
Supply
a what? Stop!1.5
1
Supply
Demand
Excess
Time’s Up!
The Answer Is :
0.5
0
Demand
0 50 100 150 200 250 300 350
A price ceiling Quantity Quantity
Supplied Demanded

9. Reading Graphs: 8 Points
Quantity Quantity
Demanded Supplied
The Question Is : 3
2.5
Excess
A price of $1.50 2
Supply
would be a
what? Stop!
1.5
1
Excess
Supply
Demand
Time’s Up!
0.5
0
Demand
The Answer Is : 0 50 100 150 200 250 300
Quantity Quantity
350
Supplied Demanded
The Equilibrium
price

10. Reading Graphs: 9 Points
The Question Is : Quantity Quantity
Demanded Supplied
3
At the 2.5
Excess
Supply
equilibrium 2
Supply
price, how manyStop!1.5
1
Demand
slices of pizza Excess
Time’s Up!
0.5 Demand
will be sold? 0
0 50 100 150 200 250 300 350
Quantity Quantity
Supplied Demanded
The Answer Is :
200

11. Supply & Demand: 2 Points
The Question Is :
A ________ good is a good that replaces
another demanded good.
Stop!
The Answer Time’s Up!
Is :
Substitute

12. Supply & Demand: 3 Points
The Question Is :
True or False: A complement good is a good
that is never used with another good.
Stop!
The Answer Time’s Up!
Is :
False

13. Supply & Demand: 4 Points
The Question Is :
What is total revenue?
Stop!
The Answer Is :
Time’scompany receives by
The amount of money a Up!
selling goods or services

14. Supply & Demand: 5 Points
The Question Is :
True or False: Alex receives a raise at work
and continues to work the same number of
Stop!
hours each week. His demand for $3 t-
shirts, which he considers an inferior
Time’s Up!
good, will stay the same.
The Answer Is :
False, it will decrease

15. Supply & Demand: 6 Points
The Question Is :
When movie rentals were $2.95, Sara rented 12
movies a month. The price increased by 50 cents
Stop!
and Sara decided to rent 2 less. When the price
increased by another dollar, Sara decided to cut her
Time’s Up!
movie rental in half. What is her quantity
demanded by month at the current price?
The Answer Is :
5

16. Supply & Demand: 7 Points
The Question Is :
What is the elasticity of elastic demand?
Stop!
Time’s Up!
The Answer Is :
Demand with an elasticity less than 1

17. Supply & Demand: 8 Points
The Question Is :
Why do companies practice price
discrimination?
The Answer Is :
Stop!
Time’s Up!
Price discrimination recognizes that groups of
consumers are willing and able to pay different
amounts and maximizes profits by charging
each group a different price.

18. Supply & Demand: 9 Points
The Question Is :
The price of a good is going up. Explain what
will happen (in theory) to the quantity
Stop!
demanded and the quantity supplied.
Time’s Up!
The Answer Is :
The quantity demanded will go down and the
quantity supplied will go up

19. Key Terms: 2 Points
The Question Is :
What is “the method used by society to produce
and distribute goods and services?”
Stop!
The Answer IsTime’s Up!
:
The economic system

20. Key Terms: 3 Points
The Question Is :
True or False: Self-interest means “one’s own
personal gain.”
Stop!
The Answer Is :
Time’s Up!
True

21. Key Terms: 4 Points
The Question Is :
__________ __________ is the “most desirable
alternative given up when people choose one
Stop!
course of action over another.”
Time’s Up!
The Answer Is :
Opportunity cost

22. Key Terms: 5 Points
The Question Is :
What is macroeconomics?
The Answer Is :
Stop!
Time’s and decision making
The study of the behavior Up!
of entire economics

23. Key Terms: 6 Points
The Question Is :
What is the private sector?
Stop!
The Answer IsTime’s Up!
:
The part of the economy that involves the
transactions of individuals and businesses

24. Key Terms: 7 Points
The Question Is :
What is the law of supply?
Stop!
The Answer Is :
Time’stoUp! more of a good
The tendency of suppliers offer
at a higher price

25. Key Terms: 8 Points
The Question Is :
What is the elasticity of supply?
The Answer Is : Stop!
Time’s Up!
A measure of the way a quantity supplied reacts
to a change in price

26. Key Terms: 9 Points
The Question Is :
What are in-kind benefits?
Stop!
The Answer Is :
Time’s Up! government
Goods and services provided by the
for free or at greatly reduced prices

27. Markets : 2 Points
The Question Is :
True or False: Self-interest is the motivating force
behind the free market.
Stop!
Time’s Up!
The Answer Is :
True

28. Markets : 3 Points
The Question Is :
At the most _________ level of production, a firm’s
marginal cost will be equal to the market price.
Stop!
Time’s Up!
The Answer Is :
Profitable

29. Markets : 4 Points
The Question Is :
In a _______ ________, prices lead to an efficient
allocation of resources, which means that resources are
Stop!
used in the most valuable and productive way
according to the needs of consumers and producers.
Time’s Up!
The Answer Is :
Free market

30. Markets : 5 Points
The Question Is :
In a perfectly competitive market, companies have
_______ control over price.
Stop!
The Answer IsTime’s Up!
:
No

31. Markets : 6 Points
The Question Is :
What is a product market?
Stop!
Time’s Up!
The Answer Is :
A situation in which households purchase the
goods and services that firms produce

32. Markets : 7 Points
The Question Is :
The _______ and _________ of goods and services
takes place in the product ________.
Stop!
Time’s Up!
The Answer Is :
Purchase, supply, market

33. Markets : 8 Points
The Question Is :
Rationing might lead to a _________ market.
Stop!
The Answer Is :
Time’s Up!
Black

34. Markets : 9 Points
The Question Is :
Why doesn’t a market economy ever exist in true
form?
Stop!
Time’s Up!
The Answer Is :
Because there are always some government
regulations

35. Government Involvement: 2 Points
The Question Is :
True or False: Regulation of commerce is
something that the government provides as
Stop!
part of a safety net for the people.
Time’s Up!
The Answer Is :
False, an example of this would be
unemployment compensation

36. Government Involvement: 3 Points
The Question Is :
Why does the government protect inventors and
authors by offering them patents and copyrights?
Stop!
The Answer Is :
Time’s Up!
To promote innovation

37. Government Involvement: 4 Points
The Question Is :
Subsidies are an example of government
influence on ________.
Stop!
Time’s Up!
The Answer Is :
Supply

38. Government Involvement: 5 Points
The Question Is :
True or False: Antitrust laws lead to monopolies.
The Answer Is :
Stop!
False Time’s Up!

39. Government Involvement: 6 Points
The Question Is :
What is an excise tax?
The Answer Is :
Stop!
Time’s Up!
A payment to the government on the production
or sale of a good

40. Government Involvement: 7 Points
The Question Is :
What is a subsidy?
Stop!
The Answer Is :
Time’s Up! a business or
A government payment that supports
market

41. Government Involvement: 8 Points
The Question Is :
What is the name of the act that was passed in 1890
to fight monopolies?
Stop!
The Answer Is :
Time’s Up!
Sherman Anti-trust act

42. Government Involvement: 9 Points
The Question Is :
What was the chief effect of the Sherman Antitrust
Act?
Stop!
The Answer Is :
Time’s Up! to prevent
The federal government won the power
monopolies and mergers that interfered with trade
between states