DEMAND
Who affects Demand (Who is demand)
What is consumers?
What happens to supply as price goes up?
Quantity Supplied increases
What is the place on the graph called where supply and demand meet?
equilibrium price
What values are on the horizontal and vertical axes of supply and demand graphs?
Horizontal- quantity
Vertical- price
Mr. Beverly/s Favorite football team.
Who is the Carolina Panthers
Natural Resources
Land
the study of how people make decisions in a world where wants are unlimited but resources are limited.
What is Economics
What is the theoretical probability of rolling a dice and landing on an even number.
3/6
Which direction does a demand curve slope?
Demand curve slopes down.
What happens to the supply of Corn Flakes if there is an increase in the cost of corn?
The Supply decreases.
Shift to left
Determinate: resource
Price flooring creates a __________when it is ________ equilibrium price
What is surplus,above
What direction is an increase and what direction is a decrease
right and left
The number of Kids Mr. Beverly has is______
What is 2? double points if you remember one of their names, triple if you know both.
Individuals who start new businesses and create products
What are Entrepreneurs?
An economic system where tradition and custom govern economic decisions
Economic activities are usually centered toward the family, tribe, or ethnic group
-Resources allocated based on inheritance
What is Traditional Economy?
The invasion of this country started WWII
What is Poland?
What happens to demand as price goes up?
Quantity demanded decreases
Supply curve slopes in what direction? why?
Supply curve slopes up. Price increases quantity supplied increases
Price ceiling creates a ________ when it is _________equilibrium price
what is below?
Any price above equilibrium would create a________
any price below would create a______
What is surplus and shortage
What type of dog do I have?
What is Pitbull terrier
Tools, machinery, and buildings used to make other products
What is Capital
The government or other central authority makes all economic decisions
Resources are owned by the government
What is command economy
This country is directly west of Argentina
What is Chile
What happens to the demand for butter if the price of margarine goes up? Why?
The demand for butter goes up. They are substitute goods.
What happens to the supply of ice cream if an ice cream company goes out of business?
The supply decreases.
Shift to left
number of sellers
What is minimum wage an example of?
A price floor
The price of tea increases. At the same time, robots are developed which prove to lower the cost of production of coffee . In the market for coffee, we would expect price will – and quantity will – in the new equilibrium.
Price uncertain quantity increases
The photo on my presentation with my friend and mountains in the background, was taken in what country?
what is Switzerland
Human resource who provide mental and physical efforts in the creation of products and receive wages in return.
Labor
Economic decisions are made by individuals competing to earn profits based on supply and demand
Resources are owned by individuals
What is market economy
An Ionic compound is made up of a _______ and _________
what is metal and nonmetal
Name all determinants of demand.
Biter
Number of buyers, income, taste, expectations, related goods (compliments and substitutes)
Name at least all determinants of supply.
STONER- Groot
subsidies/taxes, technology, other goods, number of sellers, expectations, resources.
Government policy, resource cost, operating cost,
outlook for future, technology, and suppliers
What happens if a price flooring is set below equilibrium
what is no effect.
Assume that the markets for sugar cane, rum, and whiskey are initially in equilibrium. Assume further that Hurricane Marilyn destroys much of the Jamaican sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Analyze the effect of the hurricane on the markets for each of the three goods. Explain using graphs.
Sugar cane: Supply decreases(shift Left)
Rum: Supply Decreases (resource becomes more expensive)
Whiskey: Demand increases (Rum, a substitute, is now more expensive)
Where does my Wife work?
Holbrook
The fundamental economic problem of having unlimited wants and limited resources.
What is Scarcity
Combines elements of pure market and command economies; Government and individuals share the economic decision-making process
What is mixed Market
The baseball that was hit over the fence in the famous kids movie sandlot, was signed by this legendary baseball player.
Who is Babe Ruth