Demand
The labels that are ALWAYS on the X and Y axes for a demand curve.
Y = Demand; X = Price
S
Substitutes
The United States uses this type of economy
Mixed
An example of an elastic good.
Soda, fast food, gucci bags, most "wants"
The Law of Demand states that as price goes ___, Demand goes ___.
Up; Down OR Down; Up
C
Consumers (amount of people)
A Communist country always utilizes this kind of economy
Command Economy
An example of an Inelastic Good
Gas, baby formula, concert tickets, bread, salt, most "Needs"
Do you plot a new point on the demand curve, or move the curve entirely under this question.
What happens to demand for coca cola if there is a sale?
Plot a new point (moves upwards)
R
Related Goods
This type of economy relies on trade, bartering, and clearly defined roles in society.
Traditional Economy
When a good's price increases, demand stays the same, this good is an _____ good.
Do you plot a new point on the demand curve, or move the curve entirely under this question.
What happens to the demand for peanut butter if jelly goes up in price?
Move the curve entirely (Down)
T
Tastes and Preferences
This economy determines what is sold based on demand and competition.
Free Market Economy
"Unit Elastic"
The more cookies that I eat, the less satisfying each additional unit becomes. This is an example of what?
Diminishing Marginal Utility
W
Weather
This economic structure evenly distributes wealth among its people, it asserts that the public own the means of production, and it often utilizes a command economy.
Communism
Why are concert tickets considered an inelastic good?
People will still buy them even when they are worth thousands of dollars. Even the most expensive concert tickets still sell out.