Demand
What is demand?
The desire, ability and willingness to buy a product
Define the law of supply?
According to the law of supply will offer more of a good at a higher price
What are the TWO main examples of inelastic good?
Prescription medication and gasoline
What are the official colors of the National FFA Organization?
National Blue and Corn Gold
Lawson is obsessed with...
UNICORNS!!!!!
Curve: is the graph based on the schedule
Schedule:the listing that shows the various quantities demand of a particular product at all prices that might prevail in a market
As price increases, what does supply quantity do
Increases
What affects elasticity of supply?
Finish the Phrase:
"FFA members, why are we here?"
To practice brotherhood, honor agricultural opportunities and responsibilities and develop those qualities of leadership which a FFA member should possess
What college did Lawson go to?
Chico State
What are ALL determinants of demand?
Consumer Income
Consumer taste
Substitutes
Complements
Change in expectations
Change in the number of consumers
What is a supply schedule?
A market supply schedule is a chart that lists how much a good all suppliers will offer at different prices
What is the difference between in the "short run" and in the "long run"?
In the short run, a firm cannot easily change its output level, so supply is inelastic
In the long run, firms are flexible so supply can become more elastic
Who are the 2020-2021 FFA officers?
Sam Albiani
Sophie Albiani
Bella Albiani
Cassidy Watson
D'ona Ashton
Abby Jacobsen
Spencer Comstock
Mily Meinking
What is Lawson's life goal?
True or False
Marginal Unity is the extra usefulness or satisfaction that a person gets from acquiring three more units of products
False
Marginal Unity is one more unit of a product
Describe a supply curve
An upward slope that shows the quantity supply of a good of all supplies at different prices
A football field is a visual representation of what type of demand?
Unit elastic demand
What are the five symbols within the FFA emblem?
Corn is a symbol of unity
Rising Sun is a symbol for progress and opportunity
The Flag is a representation of the 50 United States and the U.S. Territories
The plow is the symbol of labor, the backbone of agriculture
The eagle is the reminder of our freedom
The owl represents wisdom and knowledge
How many costume tubs does she have?
10
What is an example of diminishing Marginal Utility?
Eating contests or All-you can eat buffets
When revenues increase, what is highly encouraged by firms?
To produce more
What do these different symbols mean:
<1
=1
>1
=0
Infinity
<1= relativity elastic
=1=unitary elastic; the change % change in the price % change in demand or supply
>1=Relatively inelastic
=0=perfectly inelastic
Infinity= perfect elasticity ; changes an infinite amount quantity demand or quantity supply with ANY change in price(i.e luxury goods)
Recite the first paragraph of the creed.
I believe in the future of agriculture, with a faith born not of words but of deeds – achievements won by the present and past generations of agriculturists; in the promise of better days through better ways, even as the better things we now enjoy have come to us from the struggles of former years.
How many times did she go to college and what did she earn?
3 times
Earned Bachelors, Credentials, and Masters