Supply Shifters
Demand Shifters
Circular Flow
Business Orgs
Graphs!
Market Structure
150
A change in this shifter will dramatically increase or decrease the efficiency of production.
What is Technology?
150
If the government reported that everyone got a raise, many markets would report a rise in supply due to this shifter.
What is Income?
150
The center of the circular flow model is filled with this entity in the U.S.
What is the Government?
150
The 2 types of business organizations.
What are Sole Proprietorship, Partnerships, and Corporations?
150
Supply to the ____ and Demand to the ____
What is Sky and Dirt?
150
The Market Structure that involves the most sellers (think farmers market or corn)
What is Perfect Competition?
200
The shifter that causes this scenario: if all the cows became super expensive!
What is Price or Availability of Inputs?
200
This does not shift the curve.
Price
200
The market where households buy and business sell
What is the product market?
200
A Sole Proprietorship has this type of liability.
What is Unlimited Personal Liability?
200
The point where Supply and Demand meet
What is the Equilibrium point?
200
This man wrote "The Wealth of Nations" and promoted the Market system.
Who is Adam Smith?
300
The shifter if other producers enter of leave the market
What is number of sellers?
300
The shifter involved if I told you we were talking about substitutes and complements (Think Milk & Cereal, PB & J, Hot dogs & Hot dog buns)
What is the Price of Related goods?
300
The market where resources are bought and sold is also called this
What is the Factor Market?
300
These are the people who own parts of corporations.
Who are the shareholders/stockholders?
300
This is representing these two things
What are a Shortage and a Price Ceiling?
300
This market structure uses advertising and product differentiation to set itself apart (think Nike, Fast Food)
What is the problem of Monopolistic Competition?
400
This shifter involves the taxing or subsidizing producers
What is Government Involvement?
400
If an influencer told to buy a hamburger (*cough* Travis Scott *cough*) this shifter is involved
What is Tastes and Preferences?
400
Which market is represented here?
What is both the Factor and Product Market?
400
This business organization is its own legal entity.
What is a monopoly?
400
This is representing these two concepts
What are a Price Floor and a Surplus
400
Public utilities are an example of this market structure.
What is a Monopoly (Natural)?
450
The shifter where suppliers produce more knowing they can make more money now rather than in a month.
What is Outcome of Future Expectations?
450
Think about the shifter involved if I told you that Chik-Fil-A was creating a dollar menu...next month
What is Outlook of Future Expectations?
450
Name all five elements of the Circular Flow model
What is the Factor/Resource Market, Product Market, Households, Businesses, and the Government
450
Name the two types of partnership
What are a General Partnership and a Limited Partnership?
450
This is the goal of a price ceiling.
To help consumers by keeping prices low.
450
Cell Phone companies, Disney, and Car manufacturers, all belong to this type of Market Structure
What is an Oligopoly?