Supply
Demand
Scenarios
Opportunity Cost
Scarcity
100
WHAT DOES SUPPLY AND DEMAND DETERMINE?
What is price?
100
WHAT IS AN EQUILIBRIUM PRICE?
What is the price that consumers and producers agree on
100
What does this picture represent?
What is a substitute?
100
What is opportunity cost?
What is Giving up a benefit of something for the value or benefit of another good, service, or event.
100
What is scarcity?
When there is not enough of a product
200
What is a surplus?
What is when there is too much product
200
What is a shortage?
When there is not much product
200
GIVE AN EXAMPLE OF OPPORTUNITY COST
priorities........
200
You decide to play baseball this spring instead of working at a part time job in a computer store. List several of the opportunity costs of choosing to play baseball instead of working.
200
WHAT WOULD BE AN EXAMPLE OF A SCARCE RESOURCE?
What is oil, trees etc
300
What can cause a surplus?
What is when the price is too high
300
What could cause a shortage?
What is when the price is too low
300
IF THE PRICE OF A GOOD INCREASES, SUPPLIERS WOULD _________ THE AMOUNT OF A GOOD AND CONSUMERS WOULD ________ HOW MUCH THEY WANT IT
Increase, Decrease
300
What is an incentive?
giving something to people for something else
300
WHAT WOULD HAPPEN TO PRICE IF A GOOD BECAME SCARCE?
The price would go up
400
WHAT DO YOU THINK THE MESSAGE OF THIS IMAGE IS?
What is the resources of the planet are becoming scarce, due to human interactions.
400
What happens when population growth increases
What is the demand for goods goes up
400
CREATE A SCENARIO WHERE DEMAND WOULD DECREASE DUE TO PRICE.
400
What is the relationship between opportunity cost and scarcity?
500
WHAT WOULD HAPPEN IF A GOOD BECAME OVERPRICED?
Demand would decrease and there would be a surplus
500
What are all the factors that affect demand?
A) Complimentary goods
B) Substitutes
C) Consumer income
D) Market size
E) Price
F) Change in preferences
500
The Federal Government decided to increase the minimum wage from $7.25 to $15.00 per hour increasing the income for many Americans. What happens to Price and Demand?
Demand will go up
500
Fewer farmers raising cattle can result in a scarcity of
What is milk and cheese