Supply
Demand
Determinants of Supply
Determinants of Demand
Elasticity and Price Comparison
100
Producers creating and selling products at a price
What is supply
100
People's ability and willingness to buy products
What is Demand
100
The cost of steel rose from $15,000 to $50,000 in the car industry therefore Ford decided to stop making certain cars and just focus on the ones that sell the most What determinant of supply forced Ford to make this change
What is cost of inputs
100
Thomas enjoys trains and decided to buy a steam engine over the new magnet trains What determinant of demand did Thomas show
What is taste and prefrences
100
Great increase in quantity but small decrease in price and the coefficient in greater than 1
What is elastic
200
There is a direct relationship between price and quantity
What is Law of Supply
200
There is an inverse relationship between price and quantitiy
What is Law of Demand
200
McDonald's puts a timer on their workers to make sure they are supplying customers with their food as quick as possible so they can continue to advertise that they are the fastest restaurant What determinant of Supply is at work
What is Productivity Levels
200
Jennifer would really like the new iphone 6 but she recognized that even on payday she would not have enough money to get the phone. What determinant is preventing Jennifer from getting the iphone 6
What is Income
200
Great increase in price buy small decrease in quantity and the coefficient is less than 1
What is inelastic
300
The table that displays the Law of Supply
What is Supply Schedule
300
The table that shows the inverse relationship in Demand
What is demand schedule
300
Taxes, Subsidies, and Government Regulations are all ways that the government determine
What is supply
300
The value of YouTube grew by billions of dollars because of how many users post videos on their sight What determinant of demand is being used here
What is Number of Consumers
300
On a supply and demand graph this is where price equals quantity
What is equilibrium
400
Donna received a pay increase in her job and she is able to buy clothes from Macys but instead she decides to go to the Goodwill. What kind of good did Donna decide to receive from the Goodwill?
What is an Inferior Good
400
Jackson went to the store to buy cake mix. He originally wanted to buy lemon cake, but instead he bough chocolate. What kind of demand did Jackson display
What is substitute
400
Xbox One has now about 5 different bundle sets supply to customers their hope is to change what by supplying these choices
What is expectations
400
Dexter decided to buy the regular dvd of the Avengers that cost $12.95 instead of the blu-ray dvd of the Avengers that cost $34.95 What determinant of demand did Dexter use
What is Price of Related goods
400
Any value that is greater than equilibrium between supply and demand
What is surplus
500
These factors explain why the Supply curve is upward
What is labor vs. leisure
500
Income, Diminishing Marginal Returns, and the Substitution Effect all show that the Demand Curve will always be
What is decreasing
500
The increase in this has allowed Apple to supply customers with itunes, ipad, and soon the iwatch.
What is technology
500
Ted watched the infomercial on lawnmowers and got so excited that he got on the phone to buy one What determinant of demand did Ted use
What is Expectations
500
Any value that is less than equilibrium between supply and demand is
What is shortage
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