Public Speaking!
Not in private! This is a shared good for which it would be inefficient or impractical to make consumers pay individually or to exclude those who do not pay.
What is a public good?
What is demand?
Time for a change! This occurs when a change prompts consumers to buy different amounts of a good or service at ANY price
What is a change in demand/demand shift/shift in demand?
Buyer not budging! Nuclear weapons, cigarettes, and toilet paper are all examples of these:
What is the Tragedy of the Commons?
We the people! This is the part of the economy that involves transactions of the government
What is the public sector?
Thou shalt consume! This ironclad commandment of economics states that when the price of a good falls, consumers will buy more of it:
What is the Law of Demand?
Price is the sole variable affecting THIS measure:
What is quantity demanded?
What am I going to replace salt with?! Typically, goods with few available substitutes are this:
Leave price out of this! changes in income, consumer expectations, demographics, consumer tastes, and the prices of related goods are all examples of these:
Shhhh! Let's not make this public! This part of the economy deals with individuals and private businesses
What is the private sector?
Mathematical! This is a graph that shows how much of a good or service a consumer will buy at a particular price:
What is a demand curve?
Non-price determinants such as changes in consumer tastes and changes in income lead to this:
What is a shift in demand?
Stretchy stretchy! This is the measure of how responsive consumers are to a change in price of a particular good or service
What is elasticity of demand?
Hey big spender! According to a New York Times article we read a few weeks ago, THIS is responsible for 60% of the inflation affecting our economy:
What is increased consumer demand/spending?
Capitalism, we have a problem? This is a situation in which the free market, operating on its own, does not distribute resources efficiently
What is a market failure?
Subtraction by addition! This law states that the marginal benefit of using each additional unit of a product during a given period will decline:
What is the law of diminishing marginal utility?
Going out of business! Sales are most likely to affect which aspect of demand?
What is quantity demanded?
Ballin' and shot callin'! Sports cars, yachts, Pelotons, and cheese fountains are all examples of this:
What are elastic goods/What is high elasticity of demand?
That's their problem! This is the idea that we underestimate negative consequences, leading us to think that bad things happen to "other people"
What is Optimism Bias?
How did we get involved in this?! This is an economic side effect of a good or service which generates benefits to someone other than the person producing or consuming the good
What is an externality?
Gettin' paid! This is the change in the amount that consumers will buy because the purchasing power of their income changes
What is the income effect?
What is a shift in demand?
The immovable object! This term describes a situation in which a change in price leads to little/no change in quantity demanded
What is inelastic/what is inelastic demand?
Nose bleed! This is the tallest peak in North America:
What is Denali/Mt. McKinley?