Terms
Demand
Supply
Price
Supply & Demand
100

Price where Supply and Demand meet.

What is equilibrium price?

100

As price of a product increase, the quantity demanded of that product ____.

What is QD decreases

100

The price of a product increases as the quantity supplied of that product ______?

What is increases?

100

Determines the price of a product in a market.

What is supply and demand?

100

The US government places a new trade restriction on Japanese cars.

What is less supply?

200

The price of a product is higher than its equilibrium price.

What is a shortage?

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.

Sandals and flip-flops.

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

That first piece of pizza is amazing, then the second is great, then the third is alright, and then by the end of the pizza you feel completely sick.

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

As my income increases, consumers will buy less of a good

What is an inferior good?

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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