Terms
Demand
Supply
Price
Supply & Demand
100
The price where Supply And Demand meet?
What is equilibrium price
100
As price of a product increases Quantity Demanded of that product?
What is QD decreases
100
As price of a product increases Quantity Supplied of that product?
What is As Price Increases Quantity Supplied Increases
100
What determines the price (value of A product?)
What is supply and demand
100
Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply” What is The government puts a new quota On Toyota (Japanese) cars. What happens To cars? (pick 1)
Quota = Effect Supply New/Worse Quota = “Less Supply”
200
If the price of a product is $30 And at $30 the QS is 10 And at $30 the QD is 40 What is there at $30?
What is A shortage (Which would then raise up prices Prices too low lead to shortages And cause prices to go back up to Equilibrium)
200
Which of the following is a change in Qd The price of peanut butter goes down, so now you buy peanut butter? Lady Gaga wears a white dress, so now you buy the same white dress? The price of MCD hamburgers goes up, so you buy less MCD fries?
What is The peanut butter example The other 2 examples were a change in whole Demand line. (Shifters)
200
Which of the following 2 products is a change in Supply (Shifter) The Government lowers taxes on cigarettes, effecting supply of cigarettes? A drought causes a peanut shortage, what happens to supply of peanuts? The price of Iphone4S goes up, what happens to supply of Iphone4S?
What is Both the cigarette problem AND peanut problem is a shifter
200
If there is a surplus in the market What is going to happen to price?
What is price will go down
200
Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply” Ashton Kutcher uses Cool-pix Cameras
What is Ashton Kutcher is attempting To influence demand (buying) of cameras He’s popular so there would be “More Demand”
300
McDonalds and Burger King would be Great examples of what term?
What is a substitute
300
Name at least 3 of the 5 Factors That can shift the whole demand curve
What is Consumer Income Consumer Tastes / Preferences Substitutes Compliments Expectations
300
Name at least 4 of the 7 Factors That can shift the whole supply curve
What is: Cost of Resources Producing Technology Expectations Government Regulations Number of Sellers
300
If there is a shortage in the market what will happen to price?
What is price will increase
300
Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply” The Bears go back to being an awful team 1-15 type.
What is Bears’ quality would effect Demand for their tickets/products A bad team = less demand
400
What term means you would Like that first piece of better than The second, then the third, and that By the end (10th) slice you might Be going BLEH sick of pizza
What is Diminishing Marginal Utility
400
A decrease in product price will cause...
What is quantity demand will increase
400
As price increases, supply increases is an example of
What is the law of supply
400
How can governments control the price of a product?
What is setting tariffs and taxes
400
Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply” Which TWO of these can cause price To go up?
What is Prices up = “More Demand” AND “Less Supply”
500
What term would deal with behavior & decisions Made by INDIVIDUAL units Hint: _____ (word from science meaning small) + _____ (word meaning study of choices)
What is microeconomics
500
As price increases, demand decreases is an example of
What is The Law of Demand
500
A movement along the supply curve represents a
What is change in price
500
A movement along the demand curve represents
What is a change in price
500
A report by the American Medical Association reveals that chocolate does, in fact, have significant health benefits. What does this do to supply and demand?
What is Demand will increase, Supply will increase
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