Demand
Supply
Equilibrium
TRIBES & TIGERS
Movie Mania (Holiday Special!)
200
Which direction does the demand curve slope?
What is "downward sloping"
200
A decrease in the costs of production will cause this kind of shift in supply
What is "increase in supply"
200
How do producers react to higher prices?
What is "produce more"
Consumers react negatively to high prices
Producers react positively to high prices
200
A change in consumer income would shift this curve
What is "demand curve"
200
What is the name of the Grinch's dog?
Who is "Max"
400
Coffee and Tea would be an example of which type of goods?
What is "substitute goods"
400
Business costs that will change depending on the businesses' output
What is "variable costs"
400
How do we determine Equilibrium price?
What is "intersection of supply and demand"
400
The letter "S" in TIGERS represents this
What is "# of sellers"
400
According to the film It's a Wonderful Life, what happens every time a bell rings?
what is "an angel gets its wings"
600
The relationship between price and quantity is ____________ according to the law of demand
What is "indirect"
As prices increase, quantity demanded decreases (and visa versa)
600
What kind of shift occurred in the graph below?
What is "increase in quantity supplied"
600
What happened to the Equilibrium price after this double shift?
What is "decreased"
600
What kind of shift is represented in the graph below?
What is "decrease in supply"
600
This person is known as "Santa's shadow" and is said to visit naughty children instead
who is "Krampus"
800
Goods and services that have minimal or zero substitutes that are essential are considered ___________ goods.
What is "inelastic"
800
What kind of shift is represented in the graph below
What is "increase in supply"
800
What happened to the Equilibrium quantity after this double shift?
What is "indeterminate"
800
The letter "I" in TRIBES represents ___________.
What is "Income"
800
What are the four main food groups for elves, according to Buddy
What are "candy, candy cane, candy corns, and syrup"
1000
This economic concept explains why your satisfaction dwindles as you do the same thing repeatedly
What is "diminishing marginal utility"
1000
Stage 2 of the Theory of Production produces these kind of returns
What is "diminishing returns"
1000
What is represented in the graph below?
What is "shortage"
1000
An increase in the price of a substitute good will cause this kind of shift
What is "increase in demand"
1000
Where does Kevin's family travel to in Home Alone?
what is "Paris"