Supply
Supply is from the perspective of the ___________
Producer or Supplier
Demand is from the perspective of the ____________
Consumer
The harvest of peppers has declined over the last few years because of weather conditions. As a result, Hoy Fung Foods, the maker of Sriracha Sauce cannot make enough of its product to fill the orders that are coming in. Sriracha has become more expensive. Ramen shops around the country are concerned– Sriracha is a key ingredient in ramen recipes.
What will happen to the supply of ramen Soup?
supply will decrease (shift left) due to an increase in the cost of production (an increase in the price of a crucial ingredient).
What is a complementary good to cereal?
Milk
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There are this many Chipotle locations in Virginia.
129
This is the main goal of a supplier.
Make Profit
This is the largest factor in determining demand.
Price
The price of ground beef has skyrocketed; the average price hit a record high of $4.86 per pound. Hamburger buns and ground beef are complementary goods. What will happen to the hamburger bun market?
demand will decrease (shift left) because of an increase in the price of ground beef, a complementary good
When prices rise, your money's purchasing power decreases. This is termed the ______________ effect.
Income
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Pepsi was founded by Caleb Bradham in New Bern, NC. He originally called it Brad's Drink and sold it in his drug store. What year was Pepsi created?
1893
On the graph whether it's supply or demand...left is _______.
The demand curve increases in quantity as price _______
Decreases
A new kiln has been invented to produce ceramic coffee mugs. The kiln allows more coffee mugs to be produced and fewer broken mugs in the process. Because of this technology, the cost of producing mugs has declined and the productivity of ceramic mug makers has increased.
What will happen to the supply of ceramic coffee mugs?
supply will increase (shift right) increase in productivity (thanks to the new kiln, a technological advancement that allows for more mugs to be produced in a given time).
As a supplier, _____________ serves as an incentive/disincentive.
Price
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Earning more than ______________ over the course of his career, Walter Ray Williams Jr. is the career money leader in professional bowling.
5million
According to the supply curve, as price increases, quantity supplied ___________________
Where is the point where the demand curve and supply curve cross?
Equilibrium
Communities across the country have seen a rise in severe weather. Many communities this summer experienced significant flooding and are in need of sandbags to protect structures from water damage. As more communities look to purchase these sandbags, community leaders predict that the price will quickly increase.
What will happen in the market for sandbags today based on consumer expectations?
demand for sandbags will increase (shift right) today because consumers expect that the price will increase in the future. Consumers will purchase more sandbags today so they do not have to pay more later.
If the price of a membership at OneLife increases, you may take your business to LA Fitness. In this example, OneLife and LA Fitness are examples of...
Substitutes
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The unicorn is the national animal of this country
Scotland
A decrease in the supply means the curve moves closer to the __-axis.
Y
Law of demand states there is a(n) _______________relationship between price and quantity demanded
Inverse
The birth rate in the United States has steadily decreased over the past 50 years declining from 3.148 births per person capable of pregnancy in 1950 to 1.782 in 2022. This declining birth rate has led many diaper firms to go out of business.
What has happened to BOTH supply and demand in the market for diapers?
supply of diapers will decrease (shift left) due to a decrease in the number of suppliers. The demand for diapers will also decrease (shift left) due to fewer people becoming parents.
One of the reasons the law of demand is downward sloping...We watched part of an episode of Man v. Food. Adam ate the B3, with each additional bite he enjoyed it less and less. We call this concept the_______________.
Law of Diminishing Marginal Utility
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This was the first US city to host the Olympic Games.
St. Louis