Vocab Prompts 1
Water, houses and clothes are examples of this.
Needs
The shelves in the toilet paper aisle last spring
Shortage
The amount of consumers wanting to buy a product
Demand
Sugar shown to increase chances of cancer, Girl Scout Cookie sales plummet causing this change in demand for cookies
decrease Tastes & Preferences
Record low banana harvest causes this change in the supply of banana bread
Decrease, Change in costs of Factors of Production
Cherry pie, Ferraris and green pajamas
Wants
When Pizza Hut throws out 15 orders of breadsticks because nobody buys them
Surplus
The number of products available for purchase.
Supply
Record number new residents in Texas causes this change in housing demand
Increase, Number of Consumers
Congress to create tax on cars causing this change in supply of cars
decreases, Change in Taxes
Burger King and McDonalds selling cheesburgers
Competition
Lemons, cups, cardboard table and the 6 hours you spend selling lemonade.
Costs
As price goes up the quantity goes down
Law of Demand
Price of steel increasing causes this change in demand for lumber
Increase, Price of Related Goods
Phone manufacturer announces price cut on all models resulting in this change to supply of phones
No shift, quantity supplied decreases
Scarcity
Creating a menu for a restaurant
Entrepreneurship
As price goes down the quantity goes down
Law of Supply
Baskin Robbins announcing price cut in ice cream causes this change in demand.
No shift, quantity demanded increases
Robots make plane assembly faster, cheaper causing this change to supply of planes
Increase, shift right Technology
Factors of Production
Land, Labor, Capital, Entrepreneurship
Garage sales, Walmart, Tractor Supply Co and Amazon are all examples of this
Market
Price that you pay at the market for goods or services
Equilibrium
General Motors ends sale on cars, resulting in this change in demand for Ford cars.
Increase, Price of Related Goods
This happens to the supply of fishing boats as researchers announce large schools of fish off the coast of Alaska
Increase, Expectations