Unit 3 Vocabulary Review

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Unit 3 Vocabulary

MENÚ

CHARACTERS

INTRODUCTION

MISSIONS

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INTRODUCTION

Get ready for an awesome adventure in Econ Escape Quest, a cool video game where you need to use your word skills from Unit 3 to break free. Stuck in a virtual world, you'll face four tough characters—Supply Sentinel, Demand Dynamo, Opportunity Cost Oracle, and Inflation Incantor. To escape this economic labyrinth, master the intricacies of supply and demand, pricing strategies, opportunity cost, and inflation. Your economic journey begins, and with each economic term you wield, you edge closer to victory in this challenging quest for economic freedom!

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CHARACTERS

Supply Sentinel

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Demand Dynamo

Opportunity Cost Oracle

Inflation Incantor

MISSIONS

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HI-SCORE

1 SPACE

2 PUZZLE

3 STICK

4 FROG

PASSWORD

Pass the missions to obtainthe password numbers

Which component of the circular flow diagram represents the market where factors of production, such as labor and capital, are bought and sold?

OF 5

LEVEL 1

1

Resource Market

Government Sector

Product Market

2

3

X

Imagine a household is making a list of items they plan to purchase for their monthly needs. What category of goods includes items like groceries, clothing, and personal electronics that directly contribute to the satisfaction and well-being of the individuals in the household?

OF 5

LEVEL 2

1

Intermediate Goods

Capital Goods

Consumer Goods

2

3

X

In the country of Xandia, the economic landscape is characterized by a system in which the government has minimal involvement in economic affairs. The decisions about what to produce, how to produce, and for whom to produce are primarily shaped by the interactions of buyers and sellers in the open marketplace. In this economic scenario, what term best describes the prevailing economic structure in Xandia?

OF 5

LEVEL 3

1

Market Economy

Command Economy

Mixed Economy

2

3

X

This graph most likely depicts

OF 5

LEVEL 4

1

Supply Curve

Demand Curve

Production Possibilities curve

2

3

X

In the thriving tech industry of Techlandia, three major companies dominate the market for smartphone operating systems: TechCore, MegaSoft, and OmniTech. These three giants collectively control the majority of the market share, influencing prices and innovations.Start up costs are very high in the industry. What term best characterizes the market structure in the smartphone operating system industry in Techlandia?

OF 5

LEVEL 5

1

Monopoly

Perfect Competition

Oligopoly

2

3

X

THE NUMBER OF THIS MISSION IS 1

CONGRATULATIONS!

X

CONTINUE?

GAME OVER

X

YES

NO

Which term describes the point where the quantity demanded equals the quantity supplied in a market, leading to a stable market price?

OF 5

LEVEL 1

1

Surplus

Equilibrium Price

Shortage

2

3

X

NEXT

In the fictional market of Econoville, a sudden scarcity of raw materials used in the production of gadgets occurs due to a global supply chain disruption. As a result, what is likely to happen in the Econoville gadget market?

OF 5

LEVEL 2

1

The quantity supplied will increase.

The equilibrium price will decrease.

The equilibrium price will increase

2

3

X

NEXT

In the city of Marketburg, the government imposes a price ceiling on the rent for apartments, restricting it below the equilibrium price. If the quantity demanded exceeds the quantity supplied in the apartment rental market, what is the most likely outcome?

OF 5

LEVEL 3

1

A shortage of apartments

A surplus of apartments

Equilibrium in the market

2

3

X

NEXT

In a perfectly competitive market, how does an increase in the price of a substitute product affect the demand for the original product?

OF 5

LEVEL 4

1

Increase in demand

Decrease in demand

No change in demand

2

3

X

NEXT

In a monopolistic competition market structure, how do firms differentiate their products?

OF 5

LEVEL 5

1

By offering identical products

Through advertising and branding

By engaging in price wars

2

3

X

NEXT

THE NUMBER OF THIS MISSION IS 9

CONGRATULATIONS!

X

CONTINUE?

GAME OVER

X

YES

NO

The government of Marketland imposes a price ceiling on milk. Why would the government of Marketland take such an action?

OF 5

LEVEL 1

1

To help producers make milk, which is important to children

To help consumers afford milk, which is important to children

To help the government collect taxes on milk

2

3

X

In the bustling town of Econville, three coffee shops—Brew Haven, Perk Paradise, and Espresso Oasis—compete for customers. Each shop offers unique blends and styles of coffee. Brew Haven just opened, with a small set up near the high schooly, 3 days after appling for their permit. What market structure best describes the situation in Econville?

OF 5

LEVEL 2

1

Monopolistic Competition

Oligopoly

Perfect Competition

2

3

X

How does the concept of demand elasticity contribute to a business's pricing strategy?

OF 5

LEVEL 3

1

It encourages lower prices for inelastic goods

It helps a firm decide how much price increase the market can bear

It discourages competition in the market

2

3

X

The government of Commerce City imposes a tax on sports cars, a luxury good, to increase revenue.What is the likely outcome of this tax?

OF 5

LEVEL 4

1

Supply will shift left, leading to higher prices

Supply will shift right, leading to higher prices

Demand will shift right leading to higher prices

2

3

X

Johnson choppers builds motorcycles. The owner, Scott Johnson decides to raise his price after being featured on a TV show about motorcycles. Which of the following is the MOST likely outcome?

OF 5

LEVEL 5

1

A decrease in quantity demanded

A decrease in demand

A decrease in both quantity demanded and demand

2

3

X

THE NUMBER OF THIS MISSION IS 7

CONGRATULATIONS!

X

CONTINUE?

GAME OVER

X

YES

NO

In the late 1900s and early 2000s, High Schools shifted to more college prep programs and fewer work force preparation. As a result, more people enrolled in college each year. What is one of the results of this push to higher education?

OF 3

LEVEL 1

1

The cost of college has increased because the government will not allow the supply of colleges to increase

The cost of college has increased because demand for a college education has increased

The demand for college education has increased, while supply of colleges have decreased causing lower prices

2

3

X

Which term refers to the total quantity of a good or service that consumers are willing and able to purchase at a specific price within a given time period?

OF 3

LEVEL 2

1

Demand

Supply

Equilibrium

2

3

X

In the town of Econville, a local bakery experiences an increase in the price of its specialty pastries due to the rising cost of unique ingredients. Despite the price hike, loyal customers continue to purchase the pastries, citing their unmatched quality and flavor. What does this scenario suggest about the demand elasticity for the bakery's specialty pastries?

OF 3

LEVEL 3

1

Inelastic demand, as the quantity demanded remains relatively unchanged despite the price increase

Perfectly elastic demand, as any price increase would result in a complete loss of customers

Elastic demand, as the quantity demanded decreases with a price increase

2

3

X

THE NUMBER OF THIS MISSION IS 8

CONGRATULATIONS!

X

CONTINUE?

GAME OVER

X

YES

NO

CONGRATULATIONS

THANKS FOR PLAYING

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NEW HIGH SCORE

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• Generate experiences with your content.
• It’s got the Wow effect. Very Wow.
• Make sure your audience remembers the message.
• Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?

• Generate experiences with your content.
• It’s got the Wow effect. Very Wow.
• Make sure your audience remembers the message.
• Activate and surprise your audience.

Create a new layer with all the Genially features.

Bring it to life with an interactive window

Got an idea?