Show:
Key Terms
Prices
Economic Models
Equilibrium
Grab Bag
100
A product in which a store loses money
What is a loss leader
100
If there is a shortage in the market, the price is likely to
What is rise
100
Relatively small changes in supply (both increases and decreases) will have the smallest impact on price when this happens
What is demand is inelastic
100
An advantage of a free market is
What is the market finds its own balance
100
Fresno State Basketball is playing this team for the CBI championship
What is Siena
200
a set of assumptions used to describe or predict behavior
What is an economic model
200
In a free market economy, prices are usually the result of this
What is competition
200
A department store offers a color television to customers below the store’s cost in order for customers to come in. This is an example of
What is a loss leader
200
This happens when a demand curve shifts left
What is an decrease in demand
200
This state recently had a devastating mud slide
What is Washington
300
an allocation of limited supplies as in wartime
What is rationing
300
Prices serve as a link between producers and this
What is consumers
300
If a competitive market is at equilibrium, and if there is a sudden increase in demand, then this happens first
What is a shortage
300
This happens to the supply curve when there is an increase in supply because of better efficiency
What is supply curve shifts right
300
This sit-com just had their finale
What is How I Met Your Mother
400
quantity demanded is greater than quantity supplied
What is a shortage
400
Because prices do not favor producers or consumers, they are described as this
What is neutral
400
In a market economy, a high price is a signal for this
What is suppliers to make more and buyers to buy less
400
This is the term when there isn't equilibrium
What is disequilibrium
400
This famous golfer will miss the Masters this year
Who is Tiger Woods
500
Minimum wage is an example
What is a price floor
500
Price flexibility works to resolve the problems of this
What is shortages and surpluses
500
A market economy adjusts to unexpected events by
What is being flexible and adjusting costs
500
Consumers adjust to unexpected price changes (for elastic products) by this
What is adjusting their buying habits
500
This auto maker is having millions of vehicles recalled
What is GM