Demand
This economic principle states that as prices go down, the quantity demanded increases.
The Law of Demand (must write this exactly)
This term describes the willingness and ability of producers to make goods available.
Supply
This occurs when the quantity of a good supplied matches the quantity demanded.
Market Equilibrium or Equilibrium
What happens to the demand for video games when streaming services make them more popular?
Increases
What happens to gasoline demand when the economy is booming?
Increase
Name one determinant of Demand
Consumer Income, Price of Related Goods, Consumer Tastes and Preferences, Consumer Expectations, and the Number of Buys are all correct answers
Name one determinant of supply
Production Costs, Technology, Number of Sellers, Government Policies, or Price Expectations are all acceptable answers
A type of market where competition is strongest.
Perfect Competition
How does better tractor technology impact the supply of corn?
Increases
If computer chips become more expensive, how does this affect computer supply?
Decrease
When a person earns more money, this demand determinant influences what they buy.
Consumer Income
The economic principle stating that as price rises, producers are willing to supply more.
The Law of Supply (must write this exactly)
The type of market structure in which only one producer dominates the market.
Monopoly
Find the shift in demand (increase or decrease) and the demand determinant for the following prompt: The price of apples increases, how will this affect the shift in demand for oranges?
Increase, Change in price of a related good
Find the shift in demand (increase or decrease) and the demand determinant for the following prompt: The country sees a major economic downturn, resulting in lower wages. How will this affect the shift in demand for luxury cars?
Decrease, consumer income
The measure of how much quantity demanded changes when the price changes.
price elasticity of demand or elasticity of demand or elasticity
If a new machine is capable of increasing the production of cars, this is an example of which determinant of supply?
Technology
Where is the price of a given good most likely to be in a market structure of perfect competition?
Price Equilibrium or Equilibrium
Find the shift in supply (increase or decrease) and the supply determinant for the following prompt: A new study links fast food consumption to serious health risks. How will this affect the shift in supply for fast food?
Decrease, Consumer tastes and preferences
Find the shift in demand (increase or decrease) and the demand determinant for the following prompt :A new at-home movie streaming service becomes widely available and affordable. How will this affect the shift in demand for movie theater tickets?
Decrease, change in price of a related good OR less buyers
The concept that explains why the second slice of pizza brings less satisfaction than the first.
Diminishing Marginal Utility or Law of Diminishing Marginal Utility
The price of lumber increasing is an example of which determinant of supply?
Production Costs
A market structure where a few large companies control most of the industry.
Oligopoly
Graph and show the shift in supply AND demand, find the new equilibrium.
Prompt: A famous pop star announces their first world tour in five years AT THE SAME TIME, new venue restrictions limit the number of available seats
Demand should increase, Supply should increase. Mr. Reynolds will decide if equilibrium has been correctly determined
Graph and show the shift in supply AND demand, find the new equilibrium.
Prompt: A new study warns that eating too many eggs may increase health risks, AT THE SAME TIME, improved farming techniques make farming for eggs easier
Demand should increase, Supply should increase. Mr. Reynolds will decide if equilibrium was correctly determined