Supply
What are the two things that can happen with the supply of something when demand goes down?
The supply can go down or it can keep increasing.
Why would demand go down?
People don't need the product anymore or don't want to buy it.
What is the root in the word Equilibrium
Equal
Give an example of supply and demand
How many times can a bill be folded?
It can surprisingly be folded with 4,000 double folds, forward and backwards, for a dollar bill to tear. It might be because paper money isn’t actually made of paper. It’s actually a blend of 75% cotton and 25% linen with tiny blue and red synthetic fibers of various lengths evenly distributed throughout the bill.
What can make supply go up?
An increase in the demand of something.
Why would demand go up?
Something becomes popular or a new product comes out?
What were the two factors on the graph affecting the supply and demand lines?
Price and Quantity
What is the term for when demand increases but supply stays the same.
Surplus! meaning the price goes down
I have a head and a tail what am I?
A COIN!!!
What was the picture on the factors affecting supply slide?
Some money and a money bag walking together.
What was mentioned about a competitor company?
They could come out with a better version of the same product.
What was the object I used as an example in the Equilibrium Price slide?
A toy
Who was one of the first thinkers of supply and demand?
Adam Smith - he wrote the book of Wealth of the Nation (published in 1776), he wrote that how much people wanted a good depended on its price.
How much does the US quarter measure?
exactly ONE inch!!!
What is the definition of supply?
The amount of a product or service available for purchase.
What is the definition of demand?
The amount of people willing to buy a certain product.
What are the steps to find a price for an object or service?
Find how much they have, find how high the demand will be, find how much it costs to make it, come up with a reasonable price.
What is the term when supply stays the same but demand increases?
Shortage? Meaning the price goes up.
What’s the surprising cost of producing a U.S. penny?
As of 2022, it cost about 1.5 cents to make a single penny in the United States.
What does price elasticity depend on?
The number of sellers.
Whats an example of something demand would go down on?
A toy, or non day to day items.
What is the definition of Equilibrium Price
When the force of supply and the force of demand are the same.
Who published the book Principles of Political Economy and Taxation about market equilibrium.
David Ricardo published his book Principles of Political Economy and Taxation in 1817
What’s the surprising cost of producing a U.S. penny?
As of 2022, it cost about 1.5 cents to make a single penny in the United States.