Alfred Marshall
This economist is known as the Father of Microeconomics.
Who is Alfred Marshall?
This curve usually slopes downward.
What is the demand curve?
This term describes how much satisfaction someone gets from consuming a good.
What is utility?
This measures how responsive consumers are to price changes.
What is elasticity?
The shortage of a new gaming console is an example of this economic concept.
What is scarcity?
Alfred Marshall was born in this country.
What is England? (or the United Kingdom)
When a product becomes more popular, this usually increases.
What is demand?
This occurs when a consumer pays less than what they were willing to pay.
What is consumer surplus?
Demand for luxury handbags is usually this type of demand.
What is elastic demand?
Ticket prices often increase when many people want to attend a concert.
What is increased demand?
Marshall taught economics at this famous university.
What is the University of Cambridge?
The point where supply and demand meet.
What is equilibrium?
A student willing to pay $20 for a concert ticket but only paying $15 gains this amount of consumer surplus.
What is $5?
Demand for insulin is usually this type of demand.
What is inelastic demand?
During a drought, the supply of oranges falls. This usually happens to orange prices.
What is prices increase?
This book, published in 1890, became one of the most influential economics textbooks.
What is Principles of Economics?
If demand increases while supply stays the same, this usually happens to price.
What is the price increases?
Marshall believed consumers make choices based on trying to maximize this.
What is satisfaction (utility)?
If a small increase in price causes a large drop in sales, demand is considered this.
What is elastic?
A store lowers the price of hoodies and sells many more of them. This demonstrates this concept.
What is the law of demand?
Marshall helped establish economics as a separate academic discipline from this field.
What is philosophy?
If supply suddenly decreases but demand remains unchanged, this happens to prices.
What is prices rise?
The law stating that each additional unit consumed provides less satisfaction than the previous one.
What is diminishing marginal utility?
Name one factor that makes demand more elastic.
What are available substitutes?
(Also accept: non-essential goods, time to adjust, many alternatives.)
Alfred Marshall would likely use this model to explain why sneaker resale prices increase after a limited release.
What is the supply and demand model?