Demand
Demand Continued
Supply
Supply and Demand
Market Structures
Random Fun Facts
100
The amount of good or service consumers will pay at various prices
What is Demand
100
Downward sloping line that shows quantities demanded at different prices in graph form
What is Demand Curve
100
The amount of a good or service that producers are able and willing to sell at various prices
What is Supply
100
The point at which the demand curve and supply curve intersect
What is the equilibrium point?
100
A market structure in which a large number of firms all produce the same product.
What is perfect competition?
100
The 50th state of the USA
What is Hawaii?
200
Economic law stating that quantity demanded and price move in opposite directions
What is The Law of Demand
200
Economic concept dealing with consumers responsiveness to an increase or decrease in product
What is Elasticity
200
Economic law stating that the price and quantity supplied move in the same direction
What is Law of Supply
200
Situation in which quantity demanded is greater that quantity supplied
What is Shortage
200
A product that is the same no matter who produces it
What is a commodity
200
The first university in the California State University system
What is San Jose State?
300
The direction that the demand curve moves if there is an increase in demand.
What is the right?
300
The situation that would happen if a study reveals that cereal causes cancer.
What is a decrease in demand?
300
The direction the supply curve will move if there is a decrease in supply.
What is the left?
300
Situation in which quantity supplied is greater than quantity demanded
What is Surplus
300
By 1890, this company controlled 88% of oil production in the United States
What is Standard Oil
300
The game features an anime-style open-world environment and an action-based battle system using elemental magic and character-switching
What is Genshin Impact
400
Law stating that as a person continues to purchase more units of a product, their satisfaction will decrease
What is Law of Diminishing Marginal Utility
400
Assume tacos are an inferior good. The situation in which a recession causes consumer incomes to decrease.
What is an increase in demand for tacos
400
Upward sloping line that shows quantities supplied at various prices in graph form
What is Supply Curve
400
Legal maximum price that may be charged for a good or service
What is Price Ceiling
400
Laws that encourage competition in the marketplace
What are antitrust laws
400
Where is this?
Glacier National Park, Montana USA
500
A Latin phrase that means "all other things held constant"
What is ceteris paribus
500
Economic Rule stating if two items satisfy the same need and the price of one rises, people will buy the other
What is Substitution Effect
500
Any use of land, labor, and capital that produces goods and services more efficiently
What is Technology
500
Legal minimum price below which a good or service may not be sold
What is Price Floor
500
This 1890 law prescribed the rule of free competition among those engaged in commerce.
What is the Sherman Antitrust Act of 1890?
500
The year that MSJHS opened.
What is 1964