Show:
Free Enterprise
Change Demand
Demand
Graphing and Math
Random
100
Another name for Free enterprise.
What is modified free market or capitalist market.
100
The shifting of demand by increase or decrease in population.
What is market size.
100
Demand is _____________ related to price.
What is inversely.
100
The corresponding axes for Price and Quantity Demand.
What is Price-Y, QD-X.
100
The number of grooves/ridges on a quarter.
What is 119
200
A side effect felt by someone other than the consumer or producer.
What is an externality.
200
More money in consumers pockets will shift demand curve by this factor.
What is income effect.
200
To be a demand we must be _____________ and __________ to buy product.
What is "willing" and "able"
200
The demand for these types of products will be more vertical because price change doesn't change demand greatly.
What is inelastic goods.
200
The artist with the highest selling album ever.
Who is Michael Jackson?
300
Man who believed in little government involvement in the economy. (Not Adam Smith)
Who is Milton Friedman.
300
the demand of one product being dependent upon another's.
What is a complement.
300
If the price of a product goes up from $1 to $1.10 and quantity demand goes down by 10% this product is this.
What is unit elastic.
300
We can use this test to see if our product is elastic. Good thing to know as the producer.
What is Total Revenue Test.
300
The name for the piece of paper removed by a hole punch or ticket puncher.
What is a chad.
400
Price x #of units sold equals this.
What is Revenue.
400
A celebrity endorsement could quickly change demand by changing this.
What is consumer's taste.
400
This is the one factor that can change quantity demanded.
What is price.
400
Market demand schedule differs from demand schedule in this way.
What is one is individual and one is entire market.
400
The year of the first photograph.
What is 1839
500
Sewage and Roads are great example of this.
What is infrastructure.
500
The six factors that can shift the demand curve.
What is income, substitution, market size, consumer taste, consumer expectation, complement.
500
As our income goes down we want more of these as opposed to normal goods.
What is inferior goods.
500
If demand curve is y=2x and Supply curve is y=6-x this is where the equilibrium point would be. x=
What is x=2 y-4
500
The direction you are heading if you are going North then turn around and start going backwards.
What is North.