DEMAND
This economic concept explains why consumers are willing to buy more of a good when its price lowers and fewer of a good for sale when its price rises.
What is the Law of Demand?
This economic concept explains why producers are willing to offer more of a good for sale when its price rises and fewer of a good for sale when its price decreases.
What is the Law of Supply?
This is the term for a legally established maximum price for a good, often set below the equilibrium price.
What is a price ceiling?
A tax imposed on imported goods, designed to protect domestic industries by making foreign products more expensive or to generate revenue for the government.
What is a tariff?
These are the names of two songs by Doja Cat.
What are (???)
When the price of pens does down, this is what happens to the demand for pencils.
What is it increases / shifts to the right?
When a government imposes an excise tax on a product, this effect occurs on the supply curve.
What is a decrease / leftward shift?
When a price ceiling is imposed below equilibrium price, this market condition typically results.
What is a shortage?
The point where the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market price.
What is market equilibrium?
These are the names of the three legendary bird Pokemon in the first generation.
What are Moltres, Zapdos, and Articuno?
This is what happens to the demand for jelly when the price of jelly doubles.
What is no change?
This government policy provides financial support to producers, increasing supply.
What is a subsidy?
Rent control policies in major cities are an example of this type of price regulation.
What is a price ceiling?
The demand for the goods and services that labor produces.
What is derived demand?
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Who are (???)
This is generally the factor that determines the elasticity of demand.
What is availability of substitutes?
This is generally the factor that determines the elasticity of supply.
What is the time needed to adjust production levels?
Minimum wage is an example of this type of price control.
What is a price floor?
An economic principle stating that as additional units of a variable input (e.g., labor) are added to a fixed input (e.g., capital), the additional output produced by each new unit will eventually decline.
What is diminishing marginal returns?
These are the names of four quarterbacks currently in the NFL playoffs.
Who are (ex. Russell Wilson, etc.)?
These are all the factors that increase or decrease demand. (6)
What are income, consumer population, consumer taste, price of substitutes, price of complements, consumer expectations?
These are all the factors that increase or decrease supply. (5)
What are input costs (including subsidies and technology), excise taxes, international events, number of sellers, and producer expectations?
When a price floor is set on agricultural products, this market condition often results, requiring government intervention.
What is a surplus?
An economic philosophy advocating minimal government interference in the free market, allowing businesses and individuals to operate with little regulation or control.
What is laissez faire?
In order from least to highest value, these are the three highest possible hands in poker.
What are four of a kind, straight flush, and royal flush?