Supply
When talking about supply, we are talking about it from the perspective of the...
Producer, Seller or Supplier
When talking about demand, we are looking at it from the perspective of the...
Consumer or buyer
The harvest of peppers has declined over the last few years because of weather conditions. As a result, Hoy Fung Foods, the maker of Sriracha Sauce cannot make enough of its product to fill the orders that are coming in. Sriracha has become more expensive. Ramen shops around the country are concerned– Sriracha is a key ingredient in ramen recipes.
What will happen to the supply of ramen Soup?
Supply Decrease
What is a complement to cereal?
Milk
Closest Wins!
There are this many Chipotle locations in Virginia.
129
This is the main goal of a supplier
Make/Maximize Profit
A change in price changes...
Quantity Demanded
The price of ground beef has skyrocketed; the average price hit a record high of $4.86 per pound. Hamburger buns and ground beef are complementary goods. What will happen to the hamburger bun market?
Demand Decrease
When prices rise, your money's purchasing power decreases. This is termed the ______________ effect.
Income
Closest Wins!
Pepsi was founded by Caleb Bradham in New Bern, NC. He originally called it Brad's Drink and sold it in his drug store. What year was Pepsi created?
1893
On the graph, whether it's supply or demand, left is...
Less
A new kiln has been invented to produce ceramic coffee mugs. The kiln allows more coffee mugs to be produced and fewer broken mugs in the process. Because of this technology, the cost of producing mugs has declined and the productivity of ceramic mug makers has increased.
What will happen to the supply of ceramic coffee mugs?
Supply Increase
As a supplier, _____________ serves as an incentive/disincentive
Price
Closest Wins!
Earning more than ______________ over the course of his career, Walter Ray Williams Jr. is the career money leader in professional bowling.
$5 million
According to the supply curve, as price increases, quantity supplied ___________________
Increases
The point on the graph where the supply and demand curves cross is called the...
Equilibrium
Communities across the country have seen a rise in severe weather. Many communities this summer experienced significant flooding and are in need of sandbags to protect structures from water damage. As more communities look to purchase these sandbags, community leaders predict that the price will quickly increase.
What will happen in the market for sandbags today based on consumer expectations?
Demand Increase
If the price of a membership at OneLife increases, you may take your business to LA Fitness. In this example, OneLife and LA Fitness are examples of...
Substitutes
Closest Geographically Wins!
The unicorn is the national animal of this country
Scotland
A decrease in supply means the curve moves closer to the ___-axis
Y
Law of Demand states there is a(n)_______ relationship between price and quantity demanded
Inverse
The birth rate in the United States has steadily decreased over the past 50 years declining from 3.148 births per person capable of pregnancy in 1950 to 1.782 in 2022. This declining birth rate has led many diaper firms to go out of business.
What has happened to BOTH supply and demand in the market for diapers?
Supply and Demand both decrease
One of the reasons the law of demand is downward sloping...We looked at the pricing table for tickets to Disneyland in class together. Each additional day you purchased a ticket the marginal cost per ticket went down. We call this concept the_______________.
Law of Diminishing Marginal Utility
Closest Geographically Wins!
This was the first US city to host the Olympic Games.
St. Louis