Supply
When prices go up, supply goes up
What is the Law of Supply?
What is the law of demand?
The three basic questions
What will be produced
how will it be produced
Who will it be produced for
The person who was raised in Nazareth, worked as a carpenter, then preached to lots of people
Who is Jesus
Where supply meets demand on the graph
What is equilibrium?
The economic decision maker affected by supply (consumer or producer)
What is the producer?
The economic decision maker effecting demand (consumer or producer)
What is the consumer?
The term that refers to the tools used to produce an item
What is capital?
The lake that we talked about last week
What is the Sea of Galilee
When there is not enough supply to meet the demand
What is a shortage?
One factor that affects supply
What is: (any of the following)
- Input Cost
- Labor productivity
- Technology
- Number of producers
TWO factors that affect demand
- Trends
- Expectations
- Income
- Market Size
- Substitutes
- Complements
The concept that the limited supply of the trees represented
What is scarcity?
The body of water we talked about this week that you can float really well in
What is the Dead Sea?
When there is much more supply than the quantity demanded
What is a surplus?
The name for how much more supply you produce with one more worker
What is marginal product?
The direction the demand slope goes on the graph
What is down?
The term for what the Onceler could have been doing if he hadn't been making the thneed
What is opportunity cost?
The name of the area we're talking about this week
What is Jordan?
What is the market
The term that refers to each worker in a company focussing on one specific task to complete the product, instead of working from start to finish
What is specialization?
The term that expresses how much demand will change in according to price (think stretchy)
What is elasticity?
Factors that increased the Onceler's supply
- More workers
The name of the city in Jordan that means rock
What is Petra?
What is Voluntary Exchange