Demand
Supply
Determinants
Terms
Brain Teasers
100
The relationship between Price and Quantity Demanded has an Inverse relationship (price goes up and quantity demanded goes down, visa versa)
What is the Law of Demand?
100
A line that connects on a graph and illustrates how much of a good people will buy at different prices
What is a Supply Curve?
100
Future income, wealth, and prices represent this determinant of demand.
What is Expectations?
100
The amount by which the quantity supplied is higher than the quantity demanded
What is a Surplus?
100
Johnny’s mother had three children. The first child was named April. The second child was named May. What was the third child’s name?
Who is Johnny?
200
A table that lists the various quantities of a product or service that someone is willing to buy at different prices.
What is a Demand Schedule?
200
Price and quantity supplied have a direct relationship. When price rises, the quantity supplied rises (and vice versa),
What is the Law of Supply?
200
This determinant of supply helps improvements in production and increase the ability of firms to supply products.
What is Technology?
200
The market price where the quantity of goods supplied becomes balanced to the quantity of goods demanded. This is also the point at which the demand and supply curves in the market intersect.
What is Equilibrium?
200
What is greater than God,
more evil than the devil,
the poor have it,
the rich need it,
and if you eat it, you'll die?
What is Nothing?
300
A consumer's willingness, and ability to purchase a product/or service at a certain price.
What is Demand?
300
DAILY DOUBLE!!!!
A government incentive or payment that supports a business or market?
What is a subsidy?
300
When consumers desires, emotions, and personal choices affect this demand determinant?
What is Tastes and Preferences?
300
The amount by which the quantity demanded is higher than the quantity supplied
What is a Shortage?
300
DAILY DOUBLE!!!
I am the beginning of sorrow and the end of sickness. You cannot express happiness without me yet I am in the midst of crosses. I am always in risk yet never in danger. You may find me in the sun, but I am never out of darkness.
What is the letter S?
400
A line that connects on a graph and illustrates how much of a good people will buy at different prices
What is a Demand Curve?
400
The various quantities of a good or service that producers are willing to sell at all possible market prices.
What is Supply?
400
This demand determinants includes Compliments and Substitutes.
What is Related Products?
400
The ability for suppliers and consumers to change their economic behavior.
What is Elasticity?
400
Your parents have six sons including you and each son has one sister. How many people are in the family?
What is NINE?
—two parents, six sons, and one daughter
500
A network of buyers and sellers negotiating prices.
What is a Market?
500
This will cause supply to have movement along the supply curve?
What is Price?
500
Purchasing milk and cereal represents this determinant.
What is Complimentary products?
500
This is a lowest legal price that a commodity or service can be sold. Commonly used with minimum wage labor, and in agriculture to try to protect farmers.
What is the Price Floor?
500
Fourteen of the kids in the class are girls. Eight of the kids wear blue shirts. Two of the kids are neither girls or wear a blue shirt. If five of the kids are girls who wear blue shirts, how many kids are in the class?
What is 19?
600
The additional satisfaction of a product tends to go down or decrease as we consume more and more units.
What is the principle of Diminishing Marginal Utility?
600
DAILY DOUBLE!!
The reason the Supply Curve slopes upward is due to?
What is Costs and/or Profit?
600
DAILY DOUBLE!!!
This supply determinant involves cost to purchase factors of production and will influence business decisions.
What is Resource Costs?
600
Governments use it to protect consumers from conditions that could make commodities prohibitively expensive.
What is Price Ceiling?
600
A farmer needs to take a fox, a chicken, and a sack of grain across a river. The only way across the river is by a small boat, which can only hold the farmer and one of the three items. Left unsupervised, the chicken will eat the grain, and the fox will eat the chicken. However, the fox won't try to eat the grain, and neither the fox nor the chicken will wander off. How does the farmer get everything across the river?
1. Take the chicken across the river.
2. Come back with an empty boat.
3. Take the grain across the river.
4. Bring the chicken back.
5. Take the fox across the river.
6. Come back with an empty boat.
7. Take the chicken across the river.