Supply
Demand
Circular Flow
Business Orgs.
Graphs!
Market Structures
Vocabulary
100
The emergence of AI could be considered this shifter of supply.
What is Technology?
100
This shifter occurs when you get a raise and begin purchasing normal good.
What is Income?
100
You and I interact with this element of the Circular Flow by paying taxes.
What is the Government?
100
Identify the three business organizations.
What are Sole Proprietorship, Partnerships, and Corporations?
100
Graphically the Supply curve goes ____ and Demand goes ____
What is up and down?
100
The Market Structure has thousands of firms and the products are identical.
What is Perfect Competition?
100
This happens when the quantity supplied is greater than the quantity demanded.
What is a surplus?
200
The shifter for these scenarios: if all the cows became super expensive, or if all the corn was destroyed by drought.
What is Price or Availability of Inputs/Resources?
200
What Law occurs when consumers buy more when the price is lowered?
What is the Law of Demand?
200
In this market, households buy/demand and business sell/ supply.
What is the product market?
200
This is the most basic disadvantage of a Sole Proprietorship.
What is Unlimited Personal Liability?
200
The is exactly where the quantity supplied is equal to the quantity demanded.
What is the Equilibrium?
200
This man is the Father of Economics and Capitalism.
Who is Adam Smith?
200
This is a type of technological monopoly.
What is a patent or a copyright?
300
This shifter occurs when profit chasing producers enter a market.
What is number of or how many sellers?
300
These related goods can cause the Demand curve to shift. (Think Milk & Cereal, PB & J, Hot dogs & Hot dog buns)
What are complements?
300
In this market resources/inputs are bought and sold.
What is the Factor (Resource) Market?
300
These people have ownership in a corporation.
Who are the shareholders/stockholders?
300
The price at the red line represents where Qs is less than Qd or a ____________?
What is a shortage?
300
This market structure uses advertising and product differentiation to set itself apart (think Nike, Fast Food).
What is Monopolistic Competition?
300
Money given to citizens by the government to support them financially.
What are transfer payments.
400
The US imposing tariffs would be an example of this shifter.
What are taxes and subsidies?
400
This shifter occurs when an influencer recommends a product.
What is Tastes and Preferences?
400
This is when the government gives businesses money to assist the industry in keeping prices low for consumers.
What is a subsidy?
400
Because a corporation can sue and be sued in a court of law, it is considered this.
What is a legal entity or a person according to the law?
400
If the government set a price above equilibrium at the green line to help producers, this price control is instituted.
What are a Price Floor?
400
This market structure has complete contorl over their price & contains government utilities.
What is a Monopoly (Natural)?
400
This law made monopolies illegal.
What is the Sherman Anti-Trust Act?
500
In the market for iphones, this shift would occur if Apple had more access to cheap semiconductors.
500
In the market for TV's, this shift would result int he short-run if a consumer waited until Black Friday to purchase a TV.
500
In the Product Market, businesses ___________ and households _________.
What is supply & demand.
500
This is the difference between a private and a public corporation.
What is "who can purchase stock"?
500
In this market for coffee, if research suggests that coffee causes weight loss, what would happen to price & quantity of coffee?
What is price increases and quantity increases. (Demand increases)
500
This type of market structure has less than 10 competitors, uses interdependence & sometimes collusion to maximize profit.
What is an Oligopoly?
500
What are the shifters for Demand?
Inputs
Number of consumers
Sub Goods
Expectations of price
Complement Goods
Taste and Pref