Supply
Demand
Factors
Supply and Demand
Example-o-rama
100

The willingness and ability of a producer to make a product is referred to as

Supply

100
Demand comes primarily from this group
Who are consumers?
100

Beyonce wears a pair of Apple  Bottom Jeans in her music video. Apple Bottom Jeans SOARS!

Demand-Consumer Taste 

100
The point at which supply and demand meet
What is equilibrium?
100

ICING and CAKE

complements

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

A group of buyer and sellers of a particular good or service

Market

200
Any point on a supply and demand curve that is not where the two curves meet is called this
What is disequilibrium?
200
Iphones and Android Phones
What are substitutes?
300

The price of jerseys for a NFL team soars after the team wins the Super Bowl. What will happen to the quantity supplied by manufacturers?

Quantity supplied will increase.

300
When a large increase in price causes a small increase in supply
What is inelastic demand?
300

A government payment that supports a business or market

Subsidy

300

Give one example of a price floor, what does a price floor create?

Minimum wage, surplus

300
Red sox set price limit on tickets for 2012 season at $50 this is a example of a...
Price Ceiling
400

This part of the market determines SUPPLY

Sellers

400
Fads, Trends, Peer Pressure and Personal Opinions altering demand are all examples of this
What is consumer tastes?
400

What does a “surplus” (extra amount) of goods in a market imply?

Prices are too high

400
A chart that helps an business determine at what prices demand will increase
What is a demand schedule?
400
Government declares that student loan interest rates must be higher than 8%
Price Floor
500

When producers offer more of a good as its price increases and less as its price falls, this defines the

Law of Supply




500

Central idea of how the laws of supply and demand work?

Prices are determined by the interaction of producers and consumers.

500

When producers offer fewer products for sale at the same prices

Supply curve shifts left

500

Kanye West's new shoe the Yeezy Boost sold out in stores. This is an example of...

What is shortage?

500

The law of demand states that if the price of CD’s rise, consumers will

Buy fewer CDs

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