Vocab
This is the ability to pay for something you want to buy.
What is demand?
This is what happens to supply when price goes down.
What is that it goes down?
Reese's lowering its prices would cause a demand curve to do this action. (Tell me why)
What is nothing, because we are moving along the curve and not changing it?
You would buy 10 ping pong balls at $1 each. If ping pong balls went to $1.50 a ball, and you would buy 6; your demand would be this.
What is inelastic demand?
The 6 factors affecting demand curve shifts are income, consumer tastes, consumer expectations, substitute goods, complementary goods, and this factor.
What is market size?
This is the Law of Demand.
What is that when prices go down, demand goes up?
This what we call the collective supply in a given space (not individual).
What is the market supply?
The opening of Costco off I-74 has done this to the supply curve in the Quad Cities (tell me why).
What is to the right, because there is another competitor supplying products?
There is a demand of 60 slices of pizza when pizza is at $4 a slice. When it is at $2 a slice, the demand is at 100 slices. The demand is this.
What is elastic demand?
Shifts in the supply curve occur through Producer Expectations, Number of Producers, Input Costs, Labor Productivity, Technology, and this factor.
What is government intervention?
Paying for the building you manufacture your products in is an example of this.
What is a fixed cost?
A drought in Iowa will create this shift in demand.
What is it will not move because it is the supply curve being affected?
What is elastic demand?
This quote, “Aristotle once said, “To avoid criticism say nothing, do nothing, and be nothing.” is said by either Dave Ramsey or someone else.
Who is Dave Ramsey?
Dasani water is an example of this type of good.
What is a normal good?
This is calculated by the equation revenue minus cost (R - C).
What is profit/loss?
An increase in diabetes cases will create this scenario with the two curves, leading to this likely disequilibrium scenario.
What is the demand curve will shift right, but supply may not keep up, resulting in a shortage?
What is elastic?
The 4 characteristics of competitive pricing are that they are neutral, efficient, flexible, and this characteristic.
What is market driven?
This type of demand does not change much when the price changes.
What is inelastic demand?
What is a price ceiling?
The federal government subsidizing the growth of pumpkins due to its healing properties will cause this to happen to both curves.
What is the supply and demand curves will shift right.
Harry Potter books have a demand of 500 books when the price is $10. It is at 250 at $15. This is the demand.
What is unit elastic?
The original 6 Avengers are these.
Who are Hulk, Iron Man, Captain America, Hawkeye, Black Widow, and Thor?