Demand
Supply
Factors
Costs
Revenue and Profit
Prices
100
The curve drawn below is a _________ curve.
What is demand?
100
The curve drawn below is a ______ curve.
What is supply?
100
Papa Johns is having buy one get one free pizzas. Therefore, more people are going to Papa Johns than Dominoes. The demand factor is _______.
What is substitute?
100
These are the costs that do not change no matter how little activity is happening in the business.
What is fixed costs?
100
This is all the money received after the total product has been sold.
What is total revenue?
100
This is when the demand is greater than the supply.
What is a shortage?
200
This is the study of the choices that individuals and businesses make and the way those choices interact.
What is microeconomics?
200
If the price of a good goes up, then the supply of a product goes ________.
What is up?
200
There are multiple Mexican restaurants in Hernando. The supply factor is _______.
What is number of sellers?
200
These are the costs that change as more workers are added to a business.
What is variable costs?
200
This is all the money the business has leftover after the costs have been paid.
What is profit?
200
This is when the supply is greater than the demand.
What is a surplus?
300
When price goes up, demand goes ___________.
What is down?
300
If the price of a good goes down, then the supply of the good goes _______.
What is down?
300
The government is cutting a budget that helps out farmers in Kansas. As a result, farmers are discouraged to produce more vegetables. The supply factor is _______.
What is subsidies?
300
These are the costs that do not change and the costs that do change added together.
What is total costs?
300
If the price of tennis shoes are $50 and a business sells 5 pairs of shoes, the total revenue is _____.
What is $250?
300
The equilibrium price listed below is ______.
What is $50?
400
When the demand curve shifts to the right it is showing a(n) ______________ in demand.
What is increase?
400
When the supply curve shifts to the right, it is showing a(n) _________ in supply.
What is increase?
400
Selena Gomez has a new beauty line on the market. Critics rave about how great the line is. The demand factor is __________.
What is consumer taste?
400
If my fixed costs are $50 and my variable cost are $60, my total costs are ________.
What is $110?
400
If a business receives $500 in revenue but spent $150 in costs, the profit is _______.
What is $350?
400
The equilibrium quantity listed below is _______.
What is 400?
500
If there is a decrease in demand, the demand curve shifts __________.
What is left?
500
If there is a decrease in supply, the supply curve shifts to the ______.
What is left?
500
There has been a severe drought in California for the past 6 months. As a result, water companies are doubling their citizens water bills. The supply factor is _________.
What is cost of resources?
500
My variable costs for each worker is $60. Therefore, my variable costs when I have 3 workers is _______.
What is $180?
500
The formula for total revenue is ________.
What is price x total product?
500
If the supply of a product is 50 units, but the demand of a product is 20 units, there is a ____ unit _____.
30 unit surplus