Supply & Demand
As the price of wrestling tickets rise, this happens to quantity demanded.
What is decrease?
This is the next best alternative option for a given choice.
What is Opportunity Cost?
If supply shifts to the right, equilibrium price and quantity will change in this way.
What is price decreases, quantity increases?
This is the fundamental problem of economics.
What is Scarcity?
Aarush can make 20 pies and 10 cakes. Preston can make 30 pies and 20 cakes. This person has the absolute advantage in the production of cakes.
Who is Preston?
A movement ALONG the supply curve is a change in this.
What is Quantity Supplied?
This is found when one person can produce something with a lower opportunity cost.
What is Comparative Advantage?
An abnormally hard AP Economics Unit would likely have this effect on the market for reviewecon.com Ultimate Packets.
(explain what shifts, and the effect on P & Q)
An increase in demand.
An increase in both price and quantity.
ALL the alternatives we give up for a given choice?
What is a trade-off? (OP is just the next best, not all!)
If it takes Owen 4 hours to do write an essay or 2 hour to complete his economics homework and it takes Walker 6 hours to write an essay and 2 hour to complete his economics homework, this person has the absolute advantage in writing an essay.
Who is Owen (4 hours is better / quicker than 6 hours)?
If the price of Mr. Clifford's slides significantly increases, then this will happen to the supply of these slides.
What is nothing? (Price doesn't affect supply, it affects quantity supplied.)
If Hughes can grade 12 MCQs or 3 FRQs of , this is his opportunity cost for grading 1 MCQ.
What is 1/4 an FRQ?
This is the reason why when it is hot outside, ice cream shops can charge more per scoop.
What is an increase in Demand?
These are the four factors of production.
What are:
Capital
Entrepreneurship
Land
Labor
This is Mr. Hughes' first name.
What is Byron?
These are 5 determinants (shifters) of demand.
Preferences & Tastes
Related Goods
Income
Market Size (Number of Sellers)
Expectations
(Other options may not be listed)
Emily can make 20 pies and 10 cakes. Geraldy can make 30 pies and 20 cakes. This is Emily's opportunity cost of making one pie.
What is 1/2 of a cake?
Paper is an important input in the production of Economics Textbooks. This is the effect on the price of Economics Textbooks if there is a strike by paperworkers.
Explain what happens to price & if there is a shift, which way... and why!
What is an increase in the price of Economics Textbooks, the supply of Economics Textbooks would decrease, due to an increase in an input cost?
This must be true in a market for a shortage to exist.
What is Qd greater than Qs?
Draw a PPC of a nation (Hughesland) who only produces Hughesmobiles and Hughescycles, two goods that utilize exactly the same resources to make. Show the impact of trade with another nation on Hughesland.
Straight line as a PPC that demonstrates an outward shift.
Draw a supply and demand market for Ramen noodles. Assuming Ramen noodles are an inferior good, show what happens to equilibrium price and quantity for Ramen when consumer incomes increase.
Draw graph showing a leftward shift of Demand, resulting in a decrease in market price and market quantity.
Draw a increasing-cost PPC (wrestling mats and wrestling singlets) and label a point that is a) inefficient, b)efficient, and c)unattainable.
Drawing of bowed out PPC (not flat) with point A inside the curve, point B on the curve, and point C outside the curve.
Draw a supply and demand market for iPhones. Show what happens to equilibrium price and quantity for iPhones when the price of Samsung's Galaxy (a substitute good) decreases dramatically.
Show a correctly labeled graph showing a leftward shift of D, resulting in a decrease in market price and a decrease in market quantity.
What are the shifters/determinants of Supply?
Market size (Number of Sellers)
Advancements in technology
Subsidies (Government)
Taxes and regulation (Government)
Expectations
Resources Costs
This is the school from which Hughes obtained his Master of Athletic Administration.
Ohio Unversity