Froggy Jumps Economics TermsOnline version The objective of the game is to answer with the correct economic term with the proposed question. The player will have 15 seconds to answer each question with a total of three lives (attempts). If the player does not answer the question correctly, the frog will sink in the water and lose a life. As they answer the questions correctly, the frog will take one leap. The game will end once the frog reaches the shore or loses all of its lives. by LIBERTY ARMOUR 1 What is the study of how people seek to satisfy their needs and wants by making choices? a Economics b Biology c Debit 2 In what situation in which consumers want more of a good or service than producers are willing to make available at a particular price? a Surplus b Inflation c Shortage 3 The principle that limited amounts of goods and services are available to meet unlimited wants a Creditor b Money c Scarcity 4 What are the physical objects that someone produces? a Service b Goods c Socialism 5 Who are people who buy or use goods and services to satisfy their wants? a Entrepreneur b Consumer c Supplier 6 A person who decides how to combine resources to create goods and service a Entreprenuer b Franchisee c Customer 7 What are the resources that are used to make goods and services? a Consumer Price Index b Factors of Production c Coupon Rate 8 An economic system in which decisions on the three key economic questions are based on voluntary exchange in markets a Mixed Economy b Free Market Economy c Control Economy 9 What is the other name for a centrally planned economy a Communism b Currency c Command Economy 10 An organization that uses resources to produce a product or service, which it then sells a Franchise b Firm c Business 11 The most desirable alternative given up as the result of a decision a Demand Curve b Opportunity Costs c Economic Growth 12 Who is a person or business that creates and supplies goods or services? a Consumer b Producer c Patent 13 The desire to own something and the ability to pay for it a Demand b Need c Supply 14 The amount of a good or service that is available a Demand b Want c Supply 15 The sum of fixed costs and variable costs a Shares b Total Cost c Reserves 16 A contract the gives a single firm the right to sell its good within an exclusive market a Corporation b Franchise c Partnership 17 A portion of stock a Bonds b Shares c Stocks 18 The act of giving up one benefit in order to gain another, greater benefit a Socialism b Start-up Costs c Trade-off 19 A product that is considered the same no matter who produces or sells it a Commodity b Stagflation c Money 20 A legal entity, or being, owned by individual stockholders, each whom has limited liability for the firm's debts a Brokerage Firm b Federal Reserve c Corporation 21 A business owned and managed by a single individual a Sole Proprietorship b Entity c C-Corp 22 Business organization owned by two or more persons who agree on a specific division of responsibilities and profits a Partnership b S-Corp c Secondary Market 23 The act of redirecting resources from being consumed today so that they may create benefits in the future; the use of assests to earn income or profit a Mutual Fund b Real Estate c Investment 24 Deposits that a bank keeps readily available as opposed to to lending them out a Reserves b Fringe Benefits c Income Effect 25 The total value of all final goods and services produced in a country in a given year a Production b Economic Shift c Gross Domestic Product 26 Which is the type of unemployment that occurs as a result of harvest schedules, vacations, or when industries make seasonal shifts in their production schedules a Seasonal Unemployment b Frictional Unemployment c Structural Unemployment 27 Which is the type of unemployment that occurs when workers' skills do not match those needed for the jobs available? a Cyclical Unemployment b Seasonal Unemployment c Structural Unemployment 28 Which is the type of unemployment that occurs when people take time to find a job? a Frictional Unemployment b Cyclical Unemployment c Structural Unemployment 29 Which is the type of unemployment that rises during economic downturns and falls when the economy improves? a Seasonal Unemployment b Cyclical Unemployment c Frictional Unemployment 30 An institution that functions much like a business but does not operate for the purpose of making a profit a Nonprofit Organization b Labor c Forprofit Organization 31 All nonmilitary people who are employed or unemployed a Labor Force b Job Field c Outsourcing 32 Anything that serves as a medium of exchange, a unit of account, and a store of value a Commodity b Coins c Money 33 A person or institution to whom money is owed a Lendor b Creditor c Borrower
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