Terms
Demand
Supply
Price
S & D
100
The price where Supply And Demand meet
What is equilibrium
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” The government puts a new quota On Toyota (Japanese) cars. What happens To cars? (pick 1)
What is LEss Supply 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
What is the QD at a Price of $12?
What is At $12 800 DVDs
200
What is the QS Of DVDs at $18 ?
What is At $18 QS = 1000 ((Notice: ( as P up = QS up P down = QD down
200
Who has the advantage in the price system The Consumer, the Producer, or the Government?
What is Trick Answer: No one. The system doesn’t favor The consumer (demand) The producer (supply) The government (which isnt normally Involved)
200
Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply” What is Ashton Kutcher uses Cool-pix Cameras
What is More DEmand 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 substitutes
300
Which of these Lines would be: Original Demand “Less” Demand “More” Demand
What is Original Demand = D1 “Less” Demand = D3 “More” Demand = D2
300
How can you tell on GRAPH And on a T-Table what the Equilibrium Price is.
What is On a graph: its where X marks the spot where S & D cross On a table: it’s the price where the QS = QD (($30 on table. QD = QS = 20))
300
Pick Answer “More Demand” “Less Demand” “More Supply” “Less Supply” The Bears go back to being A complete loser of a team 1-15 type.
What is Less Demand Bears’ quality would effect Demand for their tickets/products A bad team = less demand
400
When you make the decision to go to school or sleep in
What is a trade off
400
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
400
Which of these Lines would be: Original Supply “More” Supply “Less” Supply
What is Original Supply = S1 “More” Supply = S2 “Less” Supply = S3 Left = Less Right = More
400
The government can interfere with Normal Supply and Demand by setting A price floor. Define & give an example Of a price floor
What is Price Floor = Minimum price by law Example: Minimum Wage
400
University of Wisconsin
Where is Mrs. Marino went to college
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
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
500
Name at least 4 of the 7 Factors That can shift the whole supply curve
What is Cost of Resources Productivity Producing Technology Taxes/Subsides Expectations Government Regulations Number of Sellers
500
If there is a surplus in the market What is going to happen to price?
What is Surplus (Qs>QD) causes prices To go back down toward equilibrium
500
What will the name of Mrs. Marino's baby
What is Sophia
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