We Supply it
You Demand it
You Demand it
Opportunity of a
Lifetime
Lifetime
All Else
Equilibrium
Equilibrium
Back to
Basics
Basics
I've Come to
Bargain
Bargain
100
The idea that as price goes up, quantity demanded will decrease
The Law of Demand
100
What is given up as a result of making choices
Opportunity Cost
100
These are the two values that make up equilibrium
Quantity and Price
100
The fundamental problem of economics
Scarcity
100
Comparative advantage is not to be confused with this situation, where I can flat out produce more of something
Absolute Advantage
200
A movement ALONG the supply curve is a change in this.
Quantity Supplied
200
When one person can produce something with a lower opportunity cost
Comparative Advantage
200
One of these need to change in order to change the equilibrium
Supply or Demand
200
Name the four factors of production
Land, Labor, Capital, and Entrepreneurship
200
Identify one way in which trade benefits trade partners
*Access to more resources
*Makes possible to be outside of PPC
300
CONSUMER PREFERENCES and PRODUCTION COST are _____ of demand and supply respectively
Determinants
300
If Nolan can make 12 gallons of ice cream or 3 jars of peanut butter, this is his opportunity cost for making 1 gallon of ice cream.
1/4 a jar of peanut butter
300
If Supply shifts to the right, this is how price and quantity will change
Price decreases, quantity increases
300
Opportunity cost demonstrates this concept
Trade Off
300
If I have the comparative advantage in the production of a good, I will _______ and trade
Specialize
400
Name a determinant of demand
Market Size
Expectations
Related Prices
Income
Taste
400
Draw a PPC on the board that demonstrates increasing opportunity costs
400
If supply increases, and Demand increase, this will definitely increase
Quantity
400
This means that the amount of one good you give up is always the same for every additional unit of another good you make
Constant Opportunity Cost
400
Without a change in available resources, mutually beneficial trade is the only way to achieve a point outside of this
PPC
500
Name a determinant of supply
Technology, Related Prices, Input Prices, Competition, Expectations
500
Draw a PPC on the board that represents constant opportunity costs
500
If a nations income decreases while simultaneously Technology is improving, then quantity will...
Be indeterminate
500
What inequality must be true in order for their to be a shortage
Qs < Qd or Qd > Qs or P < Pe
500
I can make 20 cars or 100 apples, you can make 30 cars or 90 apples. Identify MY opportunity cost for producing 1 apple
1/5 car