Demand
You want a pair of heels and you have the money.
What is demand?
More labubus are being manufactured as the price rises
What is the Law of Supply?
50 goods were supplied, and 50 customers demanded these goods.
What is equilibrium?
During the war, this method was used to control consumption of food, oil, and other resources.
What is Rationing?
Many farmers sell the same type of corn for the same price.
What is Perfect Competition?
Instead of sprite, you choose the dew.
What are substitutes?
The government gives money to farmers because they can't sell their soybeans.
What is Subsidy?
A legal minimum wage
What is a Price Floor?
Where you could buy a kidney.
What is the Black Market?
The government is granting you protection and an incentive so that your idea for a new design for a flying car can’t be stolen.
What is a patent?
When your income falls, you buy cheaper coco puffs.
What is Inferior Goods?
Rent and salary to the Store Manager
What is a fixed cost?
When a market has too many apples, more than what they want.
What is a Surplus?
What covid did to toilet paper.
What is supply shock?
Kids enter free!
What is price discrimination?
When Netflix raised its prices and lost subscribers.
What is elasticity demand?
Part time worker wages and raw materials
What is a variable cost?
A maximum price on bottled water during a hurricane to prevent price gouging.
What is price ceiling?
A company produces batteries and the leftover waste seeps into the nearby river, in turn killing water organisms.
What are spillover costs?
Major providers such as AT&T, T-mobile and Verizon
What is an Oligoply?
A pay increase leads a person to buy a $55 steak.
What is Income Effect?
Say no to E-cigs. - Uncle Sam
What is an excise tax?
The Government tried this, apartments ended up looking like pig-stys.
What is rent control?
Investing in AI!
Oil, Natural gas and coal are all examples of these.
What is a Commodity?