Supply
Demand
Shifters
Supply and Demand
Example-o-rama
Miscellaneous Knowledge
100
Supply comes primarily from what group
What are firms/companies?
100
Demand comes primarily from this group
Who are consumers?
100
MARKET: Pick-up Trucks
SCENARIO: Gas prices have increased from $2.45 a gallon to $4.50 a gallon.
Related Goods
-Complementary
100
The point at which supply and demand meet
What is equilibrium?
100
Related Goods - Complement
100
SCENARIO: Fuel costs have increased significantly over the last 5 years.
Which graph below correctly illustrates how the above statement impacts services such as Uber and Lyft?
BONUS:
What is the SHIFTER in this example?
200
The Law of Supply states that as prices increase, supply does this
What is increase?
200
The law of demand states that as prices decrease, demand does this
What is increase?
200
MARKET - Strawberry Banana Smoothies
Scenario - Prices of Bananas skyrocket
Input Costs
200
When the production of a good/ service was decreased when the production of another good/ service was increased is known as
Opportunity Cost.
200
Related Goods - Substitute
200
SCENARIO: The Navy are offering a $10,000 sign-on bonus for high school graduates.
Which graph below correctly illustrates how this would impact the number of new recruits?
BONUS:
What is the SHIFTER?
300
When supply curve shifts to the right, what affect does it have on the equilibrium price
goes down
300
The image below is an example of what economic concept?
What is The Law of Diminishing Marginal Utility?
300
When it was announced that Taylor Swift was going to be at the Kansas City Chiefs game, the demand for those tickets increased significantly.
Tastes/ Trends
300
Medication, food, and other necessities are known as what kind of demand items?
INelastic Demand
300
The image below illustrates which economic concept?
A supply shortage.
Prices are TOO LOW.
Sellers should increase the price.
300
The image below illustrates what type of event?
A Surplus
Price is TOO HIGH for Consumers
Sellers need to reduce prices.
400
Give an example of a government action that can cause a shift in supply
tax, subsidy
400
Fads, Peer Pressure and Personal Opinions altering demand are all examples of this
What is consumer tastes/trends?
400
P. Diddy decides to come out own brand of hand knitted sweaters - P. Knitty
# of Producers
400
What is the missing word from this image?
SCHEDULE
400
A new industry standard requires farmers to use only organic fertilizer, which is substantially more expensive.
Input Costs
400
What does Ceteris Paribus mean?
Keeping all factors the same - It's used to confirm the Law of Supply and Law of Demand. All that is changed is PRICE.
500
When a seller experiences this, it is a signal to them that their price is too high.
What is a surplus
500
A product that must be used in conjunction with another product
What is a complement?
500
Minimum wage gets raised from $8 to $150/hour
Income
500
When the government mandates a minimum wage, this is called a
What is a PRICE FLOOR.
500
Controlling rent costs (keeping rent low) is an example of government enforcing a
Price Ceiling.
500
The topic is SUPPLY, DEMAND, and EQUILIBRIUM.
How much do you wager?
GRAPH THE SCENARIOS BELOW ON THE SAME CHART.
MARKET: FUEL-BASED VEHICLES
SCENARIO #1: The price of electric cars has steadily increased since 2020.
SCENARIO #2: There have been several studies reporting how safe electric cars are for the environment (compared to fuel cars.)