Terms
What is something that someone needs to survive?
Need
What is a want?
If Incomes Increase, what happens to the demand for hotels in Orlando & tickets to disneyworld?
Increase in Demand
Groceries (Is it a good or Service and Need or Want)
Good and Need
What is the fast-food chain’s mascot is a red-haired girl with pigtails and freckles?
Wendy's
What is a physical/tangible item you can buy called?
Good
What is Service?
An intangible object of value such as work of labor performed.
If the market is at equilibrium, if demand for a good is at $40, What is the price of supply?
$40
Sports Car (Is it a good or Service and Need or Want)
Good and Want
What is the planet in our solar system is known for having the most visible rings>
Saturn
Scarcity
What is Surplus?
When Supply > Demand
Availability of complimentary goods - If there is a shortage of complimentary goods, and the price of peanut butter doubles, what may happen to the demand for jelly?
Demand Decreases?
Haircut (Is it a good or Service and Need or Want)
Service and Need
What is the social media app is known for short dance trends and “For You” pages?
TikTok
What is the point called where Supply = Demand?
Equilibrium Point
A product that is often used or bought with another product.
A recent hurricane goes through the coast of Florida. What will happen to the demand for home restoration?
Demand Increases
Shampoo (Is it a good or Service and Need or Want)
Good and Need
Who is the NBA player with the nickname “King_______"?
Lebron James
What is Demand Schedule?
The quantities of a particular goods or services consumers are ready, willing, and able to buy at different possible prices.
What is the Law of Supply?
As prices increase, more sellers will be willing to sell their products/services and as prices decrease, the less sellers will be willing to sell.
If the government puts in a law that subsidizes companies that make computer chips in the US, what will happen to supply of computer chips in the US?
Supply Increases
Bank Account (Is it a good or Service and Need or Want)
Service and Want
What is the classic board game involves buying properties like Boardwalk and Park Place?
Monopoly