Supply
Demand
Factors. (did you do your reading...?
Markets
Example-o-rama
100
Supply comes primarily from what group
What are firms/companies?
100
Demand comes primarily from this group
Who are consumers?
100
Popularity of Garden Gnomes Soars
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 - Affect on production of Strawberry Banana Smoothies
Input Costs
200

In a market with perfect competition, how are prices determined

What is Supply and Demand

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
goes down
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

In which market structure do producers have the most market power?

Monopoly
300

The law of demand states that as price decreases...

ITS A DOUBLE JEOPARDY

demand increases.

400
Give an example of a government action that can cause a shift in supply
Excise tax, subsidy
400
Fads, Trends, Peer Pressure and Personal Opinions altering demand are all examples of this
What is consumer tastes?
400

Lebron James decides to come out own brand of hand knitted sweaters 

# of Producers

400

You enjoy looking at your neighbor's garden.

What is a externality (the cost or benefit of an economic activity experienced by an unrelated third party, impacting the overall well-being of society but not reflected)

400

In the summer picnic season, a sharp rise in the price of burgers may lead to an increase in demand for

hot dogs

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

Many teenagers in a particular neighborhood work as babysitters a few hours a week. They have different personalities and degrees of experience. What is the market structure for babysitting in that neighborhood?

monopolistic competition 

500

As it becomes easier to start a new business in a market, that market

becomes more competetive 

M
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