Supply
As a price of a good increase, the supply _________ (Pg. 59 - Ch. 4)
What is increases?
Butter is a commodity whose demand is _______. (inelastic/elastic) (Pg. 65 - Ch. 4)
What is elastic?
Your family gave you $10 to spend on food at a football game. Buying a hot dog, popcorn, and a soda will cost you all $10, where you have no money left over. You choose to not buy food and keep the $10 which is an example of this.
What is opportunity cost?
Steve Jobs (founder of Apple) is an example of this factor of production (Pg. 39 - Ch. 3)
What is an entrepreneur?
Value associated with the trading potential of a good that differs from value related to consumer's personal needs and wants (Pg. 50 - 51; Ch. 4)
What is value in exchange?
The reason why producers will supply more goods (Pg. 59 - Ch. 4)
What is profit?
What is Income effect?
Ethan designs phones for Apple and finds a new innovation in technology. It will cost more money than they have to create the new iPhone, but will bring in more money for the company. They choose to not use the new innovation, so this is the opportunity cost.
What is more profit?
What is labor?
Difference between an inverse and direct relationship (Pg. 55 & 60; Ch. 4)
What is an economic relationship in which 1 variable goes up and the other goes down vs. an economic relationship in which both variables go up or both variables go down?
What is 5,000?
Three substitutes or complements for a car (Pg. 57 - Ch. 4)
Answer varies; Wheels/tires, Rims, Radios, Oil, etc. Scooter, Bus, Train, Ride share, etc.?
Sarah can either spend time with her friends or she can go to work and make $150. She chooses to hang out with her friends. This is the opportunity cost.
What is making money?
Water would be an example of this factor of production (Pg. 30 - Ch. 3)
What is land?
Fill in blank: The marginal utility of an item depends on the ______ of a product (Pg. 53 - Ch. 4)
What is a one-unit increase?
An increase in supply, where does the supply curve shift (graph) to? (Pg. 60 - Ch. 4)
What is to the right?
Demand Curve slopes ________ in the right direction (Bonus Points 200 to fill in blank: If quantity demanded for a Meta Quest 2 VR headset goes up from 7,000 to 20,000 this month in Stamford, Connecticut, the price will go ________ (up/down) under usual market conditions. (Pg. 56 - Ch. 4)
What is downward? What is down?
Melany's college class has an assessment tomorrow, but she has the chance to watch a new movie instead. She chooses to go to the movie rather than studying for her test. This is the opportunity cost.
What is getting a good grade on the assessment?
A food truck is considered to be an example of this factor of production (Pg. 33 - 34; Ch. 3)
What is capital?
What is a price ceiling? What is a price floor?
What is technology, resource prices, prices of related goods, # of sellers, producer expectations and government taxes, subsidies or regulations?
Five factors that influence demand (Pg. 57 - 58; Ch. 4)
What is taste/preferences, income, population numbers, prices of related goods and consumer expectations?
At the store, Devyn sees that they have Gatorade for sale. They also have his favorite chip brand for sale. Because he only has money for one item, he chooses the Gatorade. This is the opportunity cost.
What is eating his favorite chips?
The four factors of production and fifth factor referenced by several economists (Pg. 28 - Ch. 3)
What is land, labor, capital, entrepreneur? What is information?
Term referring to the quantity demanded = quantity supplied & two results when the supply or demand are unequal (Pg. 63 - Ch. 4)
What is equilibrium? What is a shortage and surplus?