refers to the willingness and ability of buyers to buy something
What is demand
100
T-Shirts: Cotton used to make t-shirts gets more expensive
What is Left, change in inputs
100
Video Games: Playing video games can lead to eye problems later in life.
What is L, fad.
100
condition when quantity supplied is less than quantity demanded
What is shortage
100
a maximum price set below equilibrium
What is price ceiling
200
the willingness and ability of sellers to make something
What is supply
200
Twix: A new machine can now make twix bars faster than before.
What is Right, new technology
200
Cars. Fedex closes and many people lose their jobs
What is Left, Income.
200
what should you do if you have a shortage?
What is raise the price because you are below equilibrium
200
what do price ceilings create?
What is shortage
300
as the price of a good increases, the quantity demanded of the good decreases
What is law of demand
300
Hot Peppers: Hotter summer helps the growth of hot peppers.
What is R
300
DVDs, dvd players are now on sale.
What is R, price of complimentary goods.
300
condition when the quantity supplied is more than quantity demanded
What is surplus
300
a minimum price set above equilibrium
What is price floor
400
as the price of a good increases, the quantity supplied of that good decreases
What is the law of supply
400
BBQ Wings: Three BBQ restaurants in Indianapolis close down (think about the market of BBQ wings)
What is Left, Number of firms
400
iPhone, the new droid phone has increased their price.
What is R, price of substitutes.
400
what should you do if you have a surplus
What is lower the price because you are above equilibrium
400
what do price floors create
What is surplus
500
this term refers to how sensitive the market of the good is to a price change
What is elasticity of demand
500
Swimsuits: Companies expect that the price of swimsuits will rise next week.
What is L, expectations
500
DAILY DOUBLE
What is the price of substitutes
500
Example: High School Football games. Normal game, seats are not filled so there would be a _____________ while during a playoff game some people have to stand, which would be a _______________
What is surplus/shortage
500
daily double
What is minimum wage is an example of a price __________