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Supply & Demand I
Supply & Demand II
Types of Businesses
Concepts/Terms
Opportunity Cost
100
Looking at the first graph, what is the term describing the whole demand curve to shift left or right. (change in demand/change in quantity demanded)
What is change in demand.
100
A change in amount offered for sale in response to a price change; movement along the supply curve. (change in supply/change in quantity supplied)
What is change in quantity supplied.
100
The largest kind of business in the United States.
What is sole proprietorship.
100
The basic requirement for survival.
What is a need.
100
Looking at the graph on the board, which point is being inefficient?
What is point B.
200
Calculate the expenditure at point A on the second graph.
What is $210.
200
Looking at the second graph, which point is the equilibrium?
What is point A.
200
Out of the three types, this one pays the most taxes.
What are corporations.
200
The tools used in your business is one of these factors of production.
What is capital.
200
Which point is achieving maximum efficiency?
What is A,C,D.
300
Calculate the surplus on the second graph. (Use points B & C)
What is 90.
300
Calculate the expenditure at point C.
What is $520.
300
Which of the three earns the most profits?
What are corporations.
300
Only factor of production not created by humans.
What is land.
300
How do you make the line expand to point F?
What is efficiency, technology, better labor force.
400
Calculate the shortage on the second graph. (Use points D & E)
What is 50.
400
Identify three factors that can affect supply.
What is income, government, expectations, number of sellers, productivity (labor), technology.
400
Identify one advantage of having a partnership.
What is shared decisions, specialization, responsibilities.
400
Economics is based on this; the unlimited wants vs. limited resources is called this.
What is scarcity.
400
What is the opportunity cost moving from D to A?
What are pencils.
500
Calculate the supply elasticity from point D to A.
What is 1.5 (elastic)
500
Calculate the elasticity of demand from points A to E.
What is .8 (inelastic)
500
Between a sole proprietorship and partnership, which one earns the most profits?
What are partnerships.
500
This terms describes where some necessities are worth less than items that we don't need.
What is a paradox of value.
500
What is the opportunity cost from A to C?
What are shoes.