Demand/ Supply
Life Skills
Prices
Shifting Supply and Demand
Miscellaneous
100
What is law of demand?
When price is high buy less
100
What is the name of the line on the check for the person receiving it called?
Payee Line
100
What is the point called where supply meets demand?
Equilibrium
100
There is a freeze killing coffee plants in Brazil.
Shift supply to the left (decreasing)
100
What animal has the fastest wings?
Humming bird (Ruby-Throated Humming Bird to be exact)
200
On the supply curve the line always goes ________.
Up from left to right
200
What are the two things that you need to open a checking account?
Verified ID and minimum deposit of good funds
200
Where do you find the excess demand on the graph?
Below the X of the equilibrium point (shaded triangle)
200
Philip Rivers (famous athlete) does a commercial for Little Caesars.
Shift the demand to the right (increases)
200
What team has won the most Super Bowls?
1) Steelers (6-2) 2) Three way tie: Patriots (5-4), Cowboys (5-3) and 49ers (5-1)
300
What is it called when you change the amount of consumption based on real income?
Income effect
300
Where do you find the routing number on the check?
The first 9 numbers on the check bottom left corner
300
What do you need in order to demand a good?
Purchasing Power
300
What runs but never walks, has a bed but never sleeps, has a bank but doesn't store money and a mouth but doesn't eat?
A river (thought I'd try to throw y'all off :) )
300
Where do TVs go on vacation?
Remote places
400
What are 3 of the 4 factors that cause a shift in demand?
1) Income 2) Consumer Expectations 3) Population 4) Consumer Taste and Advertising
400
What is the term called if you write a check knowing you don't have enough funds betting that money will be there before the payee deposits it?
Floating check
400
What is the definition of price ceiling?
The maximum price that can legally be charged for a good or service.
400
Black Friday sales
Demand goes up (I think you could argue supply goes down as there is a limited amount of goods)
400
What is the name of Beyonce's newest album?
Lemonade
500
Why would firms stay in business even though they are losing money (shut down decision)?
They have a long term agreement/ contract (i.e. rent) and they would lose more money if they were to shutdown.
500
What are 3 of the 5 ways to build credit?
1) Payment history 2) Credit utilization 3) Length of credit history 4) Types of credit 5) New Credit
500
Why is price system "free"?
You can easily change the price based on the market (rather than producing a bunch more goods)
500
A housing boom and increasing income.
Shift both supply and demand to the right or increase (housing boom would be supply and income would be demand)
500
If you are cherophobic it means you have a fear of _____.
Having fun
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