Supply
Demand
Factors
Supply and Demand
Example-o-rama
100
Supply comes primarily from this group
What are firms/companies?
100
Demand comes primarily from this group
Who are consumers?
100
Popularity of Garden Gnomes Soars
What are consumer tastes in demand.
100
The point at which supply and demand meet
What is equilibrium?
100
Hot dogs and Buns
What are compliments?
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
What are input or production costs?
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
When supply curve shifts to the right, what affect does it have on the equilibrium price
What is a decrease?
300
When a large increase in price causes a small increase in supply
What is inelastic demand?
300
Zombie apocalypse wipes out 50% of the United States.
What is a change in market size?
300
This is created by a price floor (such as minimum wage).
What is surplus?
300
The Minnesota Twins set a maximum price limit on tickets for 2016 season at $50. This is a example of a...
What is a price ceiling.
400
Give an example of a government action that can cause a shift in supply
What is a tax or subsidy.
400
Fads, Trends, Peer Pressure and Personal Opinions altering demand are all examples of this
What are consumer tastes?
400
P. Diddy decides to come out with his own brand of hand-knitted sweaters: P. Knitty
What is the number of producers?
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%
What is a 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
What is a change in income?
500
If a price ceiling is set below the equilibrium it results in this kind of disequilibrium
What is shortage?
500
Life-saving medications or necessities for life are considered to have this kind of elasticity.
What is inelastic?
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