Vocab Words
Financial benefit given by the government to individuals, businesses, or other organizations
Subsidy
When a company puts its products on sale, it is an example of this
Surplus
An inversely proportional graph
Demand
Buying gas alongside a car is an example of this
compliment
Mr. Sims's First Name (only time you get away with calling me this)
George
A state where the forces of supply and demand are balanced
Equilibrium
Substitute
A directly proportional graph
Supply
Store bought brands like Great Value are examples of this
Inferior Goods
The best Pixar movie
WALL-E
Business costs that are related to the day-to-day running of the business
Overhead
When a company raises the prices of a product, its an example of this
The place on a graph where supply and demand cross
Equilibrium
The desire, ability, and willingness to buy a product
Demand
Mr. Sims played this character for MLC UMOC 2024.
Curious George
the change in demand for goods and services due to a change in the amount of money a person earns
Income Effect
Caviar is an example of this type of thing relating to demand
Normal Good
The effect that measures the resistance supply and demand graphs have to shifting.
Elasticity
The number of units of goods or services a supplier is willing and able to bring to the market for a specific price
Supply
This is the grade and school where Mr. Sims taught previously last semester
Good Shepherd Lutheran, West Bend WI
A measure of how responsive one variable is to changes in another. Applies to both supply and demand
Elasticity
Law of Demand
A graph where the line goes up, levels out, and even begins to fall as labor increases is an example of this.
Production function
A table that shows how many of a product or service people will buy at different prices.
Demand Schedule
Mr. Sims's top song on his Spotify Wrapped this year
Upside Down - Jack Johnson
(connected to Sims Facts 300)