Demand and Supply
The Economic Problem
Housing
Economies and GDP
Pop Culture
100
The law of demand
What is, as price rises the quantity demanded decreases?
100
The act of using goods and services to satisfy our wants and needs.
What is consumption?
100
This difference between the quantity demanded and quantity supplied is what causes housing prices to rise.
What is a shortage?
100
The type of economy where all decisions about resource allocation are made by the government.
What is a planned/command economy?
100
We don't talk about Bruno, no, no, no in this film.
What is Encanto?
200
The point where demand and supply intersect, and the same quantity is being demanded and supplied.
What is the equilibrium point?
200
This graph helps to illustrate opportunity cost by showing how much is given up of one good to make another.
What is a PPC graph? (product possibilities curve)
200
The median house price in Melbourne
What is $909,000
200
The combined value of all goods and services produced in a country.
What is GDP?
200
Butter, Dynamite, and Boy with Luv are all megahits from this music group.
Who are BTS?
300
change in consumer tastes and change in consumer incomes is an example of this.
What are determinants of demand?
300
Creativity, ingenuity, intelligence, resourcefulness, dexterity, and mechanical skill are all examples of this factor of production
What is labour?
300
This group is driving up housing prices by increasing demand for homes in Melbourne and Sydney.
Who are investors?
300
Enabling a high amount of individual freedom and a large variety of goods are benefits of this type of economy.
What is a free market/unplanned Economy?
300
The highest grossing media franchise has a total revenue of over $88 billion
What is pokemon?
400
Goods where as price increases, the quantity demanded will increase.
What are Veblen/Luxury goods?
400
The highest cost forgone when making a decision.
What is opportunity cost?
400
This graph represents the supply for land in Melbourne Central.
What is fixed supply?
400
This group provides labour, land, capital and entrepreneurial ability in the circular flow model.
Who are households?
400
No, I can't sleep until I feel your touch
I said, ooh, I'm drowning in the night
are the lyrics to this song, with the most streams on spotify.
What is Blinding Lights?
500
The idea that as we consume more of something we get less satisfaction and utility from the additional units/portions
What is the law of diminishing marginal utility?
500
Point C represents this type of production.
What is inefficient production?
500
This lets you reduce your taxes paid if you are losing money on an investment, making it easier for investors to purchase homes.
What is negative gearing?
500
The formula for GDP
What is C+I+G+(X-M)
500
The Italian plumber just got his own movie last year but this game was where he got his humble beginnings.
What is Donkey Kong?