Supply
Demand
Determinants of Demand
Supply and Demand
Examples
100

Supply comes primarily from what group?

What are producers/firms/companies?

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

Popularity of Owala water bottles soars. What is the determinant of demand?

Consumer Tastes -Demand

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

Prices of Bananas skyrockets - effect on production of Strawberry Banana Smoothies. What is the determinant of supply?

Input Costs

200

If the price of milk is expected to rise in October, what will be the impact on supply for milk in September?

The supply will DECREASE for the month of September

200
Iphones and Android Phones
What are substitutes?
300

When supply curve shifts to the right, what affect does it have on the equilibrium price

The equilibrium price decreases because the increased availability of goods at each price level creates more competition among sellers, leading to lower prices to sell the larger quantity supplied

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

Zombie apocalypse wipes out 50% of US

Market Size

300
Give one example of a price floor, what does a price floor create?
Minimum wage, surplus
300

A local government sets a maximum price landlords can charge for rent to keep housing affordable this is a example of a...

Price Ceiling

400
Give an example of a government action that can cause a shift in supply
Excise tax, subsidy
400

How is Quantity Demanded show on a graph

There will be movement along the curve

400

If good X is an inferior good and good Y is a normal good. If in come in the economy decreases, what is the impact on demand for good X and demand for good Y?

Demand for good X will increase and demand for good Y will decrease.

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
An excess of supply is typically created by government initiation of this
What is a Price Floor?
500
A product that must be used in conjunction with another product
What is a complement?
500
Minimum wage gets raised from 8 bucks to $150/hour
Income
500
If a price ceiling is set below the equilibrium it results in this kind of disequilibrium
What is shortage?
500

Polo Button Down Shirt and an Old Navy Button Down are examples of what types of goods

Normal and Inferior

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