Laws of Supply and Demand
Draw and Label a Supply Curve and Demand Curve (Correct Answers will properly label the x and y axis along with the lines)
What is:
Demand Curve Points Down as Prices Drop, Supply Curve Points Up as Prices Rise.
X-Axis = Quantity, Y-Axis = Price
Lego Introduces a new Molding Machine that doubles production. Which Supply Shifter is this?
What is Technology
The Demand for Blue Jeans decreases among women because of the increasing popularity of leggings. Which Demand Shifter is this?
What is Tastes/Preferences.
What is Market Equilibrium?
What is When Supply = Demand
What is a Surplus?
What is quantity supplied is greater than quantity demanded.
What is the Law of Supply?
What is...
When Prices Go Up, Supply Goes Up
When Prices Go Down, Supply Goes Down
With war looming in the Middle East, Oil Prices are likely to rise over the coming months. Which demand shifter is this?
What is Expectations.
As the Price of Xbox's increases, the demand for PS5's increases as their prices remain the same. Which Demand Shifter is this?
What is Price of Related Goods (Substitutes)
Draw a Graph with a Supply and Demand Curve.
Label: Market Equilibrium, Equilibrium Price, and Equilibrium Quantity
What is Market Equilibrium is where the supply and demand curves meet in the middle.
What is a Shortage?
What is when quantity demanded is greater than quantity supplied.
What is the Law of Demand?
What is...
When Prices Go Up, Demand Goes Down
When Prices Go Down, Demand Goes Up
As Minimum Wage Increases, Production becomes more expensive. Which Supply Shifter is this?
What is Cost of Resources. (Because Labor is becoming more expensive!)
During the Olympics, Hockey Sticks go on sale to attract young hockey players. Hockey pucks and skates follow suit. Which Demand Shifter is this?
What is Price of Related Goods (Compliments)
Draw and Supply and Demand Curve. What happens to price and Quantity When: Supply Increases
Price: Decreases
Quantity: Increases
What is a Price Ceiling?
What is Demand?
What is the ability and willingness of a consumer to purchase an item
Draw a Graph:
The Government has decided to provide funding to Solar Power Companies to produce more Green Energy.
1. What Shifter is this?
2. Draw a Supply Curve and Which Way the Graph Shifts
1. What is Taxes and Subsidies
2. What is a Shift to the Right
Draw a Graph.
As American Incomes decrease, more people are eating fast food instead of going to Italian Restaurants. (Market: Italian Restaurants)
1. What Shifter is this?
2. Draw a Demand Curve and Which Way does the Graph Shift?
1. What is Income (Normal Goods)
2. Demand Curve Shifts Down/Left
Graph a Supply and Demand Curve. Draw Shift
New Firms begin to start making Cereal
1. Is this Supply or Demand; 2. Increase or Decrease
2. After Shift: Price _____, Quantity _______
1. Supply (# of Producers), Increase
2. Prices: Go Down, Quantity: Go Up
What is a price floor?
What is the minimum price allowed by law.
What is Supply?
What is the amount of a good or service that producers are willing and able to offer.
Draw a Graph.
Precious Metals, key to the production of cell phones, have doubled in price.
1. What Shifter is this?
2. Draw a Supply Curve and Which Way the Graph Shifts
1. Price of Resources
2. Supply Curve Shifts Left
Draw a Graph.
As the Birth Rates Rise in the United States, the demand for diapers and baby wipes increases.
1. What Shifter is this?
2. Draw a Demand Curve and Which Way does the graph shift?
1. What is Number of Consumers
2. What is the Curve Shifts to the Right
Draw a Supply and Demand Curve; Draw the Shift
As Needohs become more Popular, the demand for fidget spinners goes down.
1. Supply or Demand?; Increase or Decrease?
2. After Shift: Price: ________; Quantity: ________
1. Demand (Taste/Preference); Decrease
2. Price: Decreases, Quantity: Decreases
Draw a Market Equilibrium Curve and Label the Following.
Label: Price Floor, Price Ceiling, and where the shortage and surplus is.
What is Price Floor on top, surplus between the floor and equilibrium. Price Ceiling on the bottom, shortage between ceiling and equilibrium.