Unit 3 Vocabulary Review

Unit 3 Vocabulary

PRESS START

BREAKOUT

VIDEOGAME

VIDEOGAME

HI-SCORE

232323

© 2024 GENIALLY ESCAPE GAMES

MISSIONS

INTRODUCTION

CHARACTERS

MENÚ

HI-SCORE

232323

© 2024 GENIALLY ESCAPE GAMES

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!

INTRODUCTION

Inflation Incantor

Opportunity Cost Oracle

Demand Dynamo

HI-SCORE

232323

© 20XX GENIALLY ESCAPE GAMES

Supply Sentinel

CHARACTERS

Pass the Missions- Collect 4 digits- enter digits for the Connexus password

PASSWORD

4 FROG

3 STICK

2 PUZZLE

1 SPACE

HI-SCORE

232323

© 20XX GENIALLY ESCAPE GAMES

MISSIONS

Product Market

Government Sector

Resource Market

LEVEL 1

OF 5

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

Consumer Goods

Capital Goods

Intermediate Goods

LEVEL 2

OF 5

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?

Mixed Economy

Command Economy

Market Economy

LEVEL 3

OF 5

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?

Production Possibilities curve

Demand Curve

Supply Curve

LEVEL 4

OF 5

This graph most likely depicts

Oligopoly

Perfect Competition

Monopoly

LEVEL 5

OF 5

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?

CONGRATULATIONS!

THE NUMBER OF THIS MISSION IS 1

NO

YES

GAME OVER

CONTINUE?

NEXT

Shortage

Equilibrium Price

Surplus

LEVEL 1

OF 5

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

NEXT

The equilibrium price will increase

The equilibrium price will decrease.

The quantity supplied will increase.

LEVEL 2

OF 5

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?

NEXT

Equilibrium in the market

A surplus of apartments

A shortage of apartments

LEVEL 3

OF 5

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?

NEXT

No change in demand

Decrease in demand

Increase in demand

LEVEL 4

OF 5

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

NEXT

By engaging in price wars

Through advertising and branding

By offering identical products

LEVEL 5

OF 5

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

CONGRATULATIONS!

THE NUMBER OF THIS MISSION IS 9

NO

YES

GAME OVER

CONTINUE?

To help the government collect taxes on milk

To help consumers afford milk, which is important to children

To help producers make milk, which is important to children

LEVEL 1

OF 5

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

Perfect Competition

Oligopoly

Monopolistic Competition

LEVEL 2

OF 5

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?

It discourages competition in the market

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

It encourages lower prices for inelastic goods

LEVEL 3

OF 5

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

Demand will shift right leading to higher prices

Supply will shift right, leading to higher prices

Supply will shift left, leading to higher prices

LEVEL 4

OF 5

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?

A decrease in both quantity demanded and demand

A decrease in demand

A decrease in quantity demanded

LEVEL 5

OF 5

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?

CONGRATULATIONS!

THE NUMBER OF THIS MISSION IS 7

NO

YES

GAME OVER

CONTINUE?

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

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

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

LEVEL 1

OF 3

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?

Equilibrium

Supply

Demand

LEVEL 2

OF 3

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?

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

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

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

LEVEL 3

OF 3

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?

CONGRATULATIONS!

THE NUMBER OF THIS MISSION IS 8

NO

YES

GAME OVER

CONTINUE?

Enter the number to receive your Connexus Password. 👾

Numbers acquired from missions

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Got an idea?

Bring it to life with an interactive window

Create a new layer with all the Genially features.

• 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.

Got an idea?

Bring it to life with an interactive window

Create a new layer with all the Genially features.

• 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.

Got an idea?

Bring it to life with an interactive window

Create a new layer with all the Genially features.

• 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.