Supply
Demand
Shifters
Vocab
Grab Bag
100

When talking about supply, we are talking about it from the perspective of the...

Producer, Seller or Supplier

100

When talking about demand, we are looking at it from the perspective of the...

Consumer or buyer

100

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

100

What is a complement to cereal?

Milk 

100

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There are this many Chipotle locations in Virginia.

 129

200

This is the main goal of a supplier

Make/Maximize Profit

200

A change in price changes...

Quantity Demanded

200

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

200

When prices rise, your money's purchasing power decreases.  This is termed the ______________ effect.

Income

200

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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

300

On the graph, whether it's supply or demand, left is...

Less

300
Quantity demanded increases as price...
Decreases
300

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

300

As a supplier, _____________ serves as an incentive/disincentive

Price

300

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Earning more than ______________ over the course of his career, Walter Ray Williams Jr. is the career money leader in professional bowling.

$5 million

400

According to the supply curve, as price increases, quantity supplied ___________________

Increases

400

The point on the graph where the supply and demand curves cross is called the...

Equilibrium

400

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

400

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

400

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The unicorn is the national animal of this country

Scotland

500

A decrease in supply means the curve moves closer to the ___-axis

500

Law of Demand states there is a(n)_______ relationship between price and quantity demanded

Inverse

500

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

500

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

500

Closest Geographically Wins!

This was the first US city to host the Olympic Games.

St. Louis 

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