Questions
What is Question #1 one of this unit?
What is Demand?
What helps create a visualization of Demand?
Demand Curve
What is the difference between a good being elastic and inelastic?
Elastic – can do without if things change
Inelastic – pretty essential no matter the cost
What is the name of the visual representation of Supply?
Supply Curve
Which economic concept does the following definition fit most with?
a state in which opposing forces are balanced
Equilibrium
What is question #2 in this unit?
What things affect demand?
What economic concept does the following define? How much people are willing and able to buy something at various prices at a single moment
Demand
What economic concept does this definition match most closely? The extent to which a change in price or situation causes a change in the quantity demanded
Demand Elasticity
Which economic concept does this definition match? How much producers are willing and able to sell something at various prices at a single moment
Supply
Everything above the equilibrium is considered what?
Surplus
What is question #3 of this unit?
What is Supply?
What economic concept is this a definition for? More of an item is demanded at a lower price; less is demanded at a higher price
Law of Demand
What are the two types of changes in demand?
Change in Quantity Demanded and Change in Demand
Which economic concept does this definition match? More of an item is supplied at a higher price; less is supplied at a lower price
Law of Supply
Everything below the equilibrium is considered what?
Shortage
What is question #4 of this unit?
What things affect supply?
In a demand curve what are the two axis?
Price and Quantity
What are the two effects in the change of quantity demanded?
Income Effect and Substitution Effect
What economic concept does this definition most closely represent? Additional unit(s) of a product that one more input (labor) creates
Diminishing Marginal Returns
What two lines meet to make an equilibrium?
Supply and Demand
What is question #5 of this unit?
How are prices determined?
What economic concept does this definition relate to? Extra usefulness or satisfaction you get from each additional unit of a product
Marginal Utility
What are the three aspects that change demand?
Consumer Taste/Expectations, Substitutions/Compliments, and Pool of Customers
On a supply curve which direction does the line go?
Starts in the bottom left, ends in the top right
On a piece of paper draw an equilibrium graph labeled with: supply, demand, equilibrium, shortage, and surplus
Answers on paper